On October 30, 2025, crypto market maker Jump Crypto executed a major asset rotation, transferring 1.1 million Solana (SOL) tokens valued at approximately $205 million to Galaxy Digital in exchange for 2,455 Bitcoin (BTC) worth around $265 million, according to on-chain data from Lookonchain.
The transaction, which involved unstaked SOL tokens, contributed to Solana's price decline, with the token falling to lows of $180 from nearly $190 earlier in the day amid broader market weakness. This move by Jump Crypto, a key player in the digital assets industry with nearly $1 billion in total holdings, shifted its portfolio to include $395 million in Bitcoin, while Solana holdings stood at $221 million, USDC at $125 million, and Ethereum at $55 million.
The asset swap occurred during a period of market turmoil, where over $975 million in 24-hour liquidations hit the crypto space, including $72.8 million specifically in SOL liquidations—mostly from bullish bets. Broader factors, such as a 25 basis point interest rate cut by the Federal Reserve and mixed signals from economic indicators, exacerbated the downturn, spooking traders and leading to declines in risk assets.
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