Swap

Solana

Bitcoin

<h2 id="b-tldr-b">TLDR:</h2>
<ul>
 <li style="font-weight: 400">Lookonchain tracked 970,522 SOL worth $95.9M, but only $46.4M moved within an hour on November 1.</li>
 <li style="font-weight: 400">Whale Alert recorded a 485,270 SOL transfer worth $46.35M, without confirming a completed BTC swap.</li>
 <li style="font-weight: 400">Solana traded near $94.76, down 0.99% in 24 hours, after recording a separate 6.6% decline on October 29.</li>
 <li style="font-weight: 400">Binance reported replacing about 95% of stolen assets after the $6.3B hack, with withdrawals restarting.</li>
</ul>
The Binance hacker tied to the $6.3 billion exchange breach shifted millions in Solana on November 1 as SOL traded below $95. The activity prompted claims that conversions into Bitcoin contributed to the slide, although available public transaction records cannot establish that connection.
<a href="https://www.lookonchain.com/feeds/79825" rel="noopener noreferrer nofollow">Lookonchain reported</a> that the attacker controlled 970,522 SOL, valued at approximately $95.9 million. Within one hour, about 486,970 SOL worth $46.4 million moved through transactions reportedly involving Relay Protocol, a cross-chain swapping service.
However, the Binance hacker did not demonstrably sell the entire holding. The identified transfers covered roughly half of the reported balance, and movement between wallets does not independently prove a completed <a href="https://blockonomi.com/bitcoin-bull-run-ahead-michael-saylor-teases-another-strategy-btc-purchase/" rel="noopener noreferrer nofollow">purchase of Bitcoin</a>. For traders, the distinction is whether the Binance hacker exchanged Solana for Bitcoin or simply moved funds between addresses.
<h2 id="b-binance-hacker-moves-46-4m-in-sol-amid-bitcoin-swap-claims-b">Binance Hacker Moves $46.4M in SOL Amid Bitcoin Swap Claims</h2>
<a href="https://whale-alert.io/transaction/solana/66E4StZmw1pg37uxdGNTTt8gZHQBh3r6nG7ba4TtTJp2ZLSa6HfDAGewFUNE856EYzUpWzkF37T7TpBMUCPk6wkx" rel="noopener noreferrer nofollow">Whale Alert separately recorded</a> a transfer of 485,270 SOL at 09:39 UTC on November 1, estimating its value at $46.35 million. The funds traveled from an address labeled Binance Hack 2026 to another wallet on Solana.
The alert broadly matched Lookonchain’s figures, although the transactions may reflect the same activity. Neither a wallet transfer nor routing through a swapping service proves <a href="https://moneycheck.com/strive-asst-stock-pops-as-630m-offering-may-fund-more-bitcoin-purchases/" rel="noopener noreferrer nofollow">Bitcoin purchases</a> or shows where the assets were ultimately sold.
Analyst Ted Pillows linked the Binance hacker activity to weakening SOL prices in a post on X. Yet that interpretation remains a hypothesis because the supplied records contain no evidence connecting specific transactions to market orders.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 Binance hacker is moving <a href="https://x.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> and swapping it for <a href="https://x.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>.
 This explains why Solana looks a bit weak today. <a href="https://t.co/u6otGHtfV6" rel="noopener noreferrer nofollow">pic.twitter.com/u6otGHtfV6</a>
 — Ted (@TedPillows) <a href="https://x.com/TedPillows/status/2116882952348975470?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 1, 2026</a>
 </blockquote>
</div>
Converting Solana into Bitcoin could create selling pressure if transactions execute against available liquidity. Still, cross-chain routing does not automatically imply equivalent spot sales on centralized exchanges, where order books determine immediate price effects.
<h2 id="b-solana-s-earlier-6-6-drop-weakens-hacker-selloff-link-b">Solana’s Earlier 6.6% Drop Weakens Hacker-Selloff Link</h2>
SOL traded near $94.76 on November 1, down approximately 0.99% over 24 hours, according to Binance market data. The session ranged from $94.40 to $96.10, with volume near $1.3 billion. Crucially, <a href="https://parameter.io/nearly-1-million-in-solana-drained-from-49-wallets-linked-to-trading-bot/" rel="noopener noreferrer nofollow">Solana</a> had already declined approximately 6.6% on October 29, before these latest reported transfers.
That earlier decline prevents the November 1 conversions from explaining the full downturn. The Binance hacker case also continued unfolding. On October 31, the <a href="https://blockonomi.com/fbi-blames-north-korea-for-6-billion-binance-hack-as-exchange-covers-losses/" rel="noopener noreferrer nofollow">FBI attributed</a> the $6.3 billion <a href="https://coincentral.com/binance-hack-timeline-from-6-3-billion-theft-to-sunday-reopening-plan/" rel="noopener noreferrer nofollow">Binance theft</a> to North Korea’s TraderTraitor operation and described conversions primarily into Ethereum.
The agency warned that decentralized platforms and instant-swap services could facilitate laundering and urged providers to block identified addresses. <a href="https://www.binance.com/en/square/post/383447089416749" rel="noopener noreferrer nofollow">Binance said replacements</a> covered approximately 95% of stolen holdings, with withdrawals resuming in phases. The Binance hacker’s remaining holdings bear watching, but the reported Bitcoin conversions do not establish what caused Solana’s latest decline.
The post <a href="https://blockonomi.com/binance-hacker-dumps-96m-in-solana-for-bitcoin-did-it-trigger-sols-drop/" rel="noopener noreferrer nofollow">Binance Hacker Dumps $96M in Solana for Bitcoin: Did It Trigger SOL’s Drop?</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Binance Hacker Dumps $96M in Solana for Bitcoin: Did It Trigger SOL’s Drop?

Table of Contents

Blockonomi

Other articles published on Nov 1, 2026

Join our free newsletter for daily crypto updates!