“One onchain observer noted a large transaction by Jump Crypto, speculating that the crypto firm might be rotating SOL into BTC, perhaps weighing on sentiment.”, — write: www.coindesk.com
The drop below $180 has erased all year-over-year gains for the token and also leaves it down 4% for 2025. Making those numbers feel worse for SOL bulls, both BTC and ETH — despite their own recent price weakness — continue sporting year-over-year gains of more than 40%.
The Bitwise Solana Staking ETF (BSOL), launched on Tuesday, pulled in $116 million in net inflows across the first two sessions, adding to $223 million in seed investment, according to data by Farside Investors. The Grayscale Solana Trust (GSOL), which was converted from a closed-end fund into an ETF on Wednesday, attracted a modest $1.4 million inflow.
Bitwise’s decent capital influx wasn’t enough to buoy SOL, which posted a 12% decline from Monday’s highs.
What perhaps weighed on sentiment was a large onchain transfer noted by blockchain sleuth Lookonchain. Blockchain data showed that Jump Crypto — one of the most prominent crypto trading firms — appeared to have moved 1.1 million SOL (worth $205 million) to Galaxy Digital, receiving roughly 2,455 BTC ($265 million) around the same time, speculating that Jump may be rotating out of SOL to BTC.
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The lending protocol’s token showed weakness as technical support crumbled, plunging below $210.
- AAVE tumbled below $210 from $248 earlier this week as crypto markets crumbled.
- Key support level at $211 broke down with consecutive lower highs, confirming the bearish shift.
- The protocol’s institutional real-world asset lending arm, Horizon, grew to $450 million in two months since launch.
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