Hacker's Massive SOL Purchase: Tracing On-Chain Movements and Trading Implications for Crypto Markets

In a striking development that underscores the ongoing risks in the cryptocurrency space, a hacker who previously stole funds from Coinbase users has made significant on-chain moves. According to @EmberCN on Twitter, in the past hour as of August 24, 2025, the hacker swapped 7.957 million DAI into USDC, bridged the funds to the Solana network, and then purchased 38,126 SOL at an average price of $208.7. This transaction highlights the fluidity of cross-chain operations and raises questions about market stability, especially for traders monitoring large wallet activities. For those engaged in SOL trading, this influx could signal short-term buying pressure, potentially pushing the price above key resistance levels if similar whale activities continue.

Delving deeper into the hacker's history provides crucial context for understanding potential market patterns. Back in May 2025, the same address sold 26,347 ETH for 68.18 million DAI at an average price of $2,588 per ETH. This move occurred during a period of ETH market volatility, where sellers capitalized on a temporary uptrend. Then, in July 2025, the hacker used 14.865 million DAI to repurchase 5,513 ETH, effectively timing a market dip. These actions demonstrate a sophisticated strategy of converting volatile assets like ETH into stablecoins during peaks and re-entering at lower prices. Traders should note that such large-scale swaps can influence liquidity pools on decentralized exchanges, potentially causing slippage in ETH/DAI pairs. For instance, the May sale alone represented a notable volume spike, contributing to a 2-3% intraday dip in ETH prices as observed on major exchanges.

Analyzing SOL's Price Reaction and Trading Opportunities

From a trading perspective, the recent purchase of 38,126 SOL at $208.7 is particularly noteworthy. At the time of the transaction, SOL was trading around this level, which aligns with its 50-day moving average, a common support zone for swing traders. This buy could act as a bullish catalyst, especially if on-chain data from tools like Arkham Intelligence shows sustained accumulation. Traders might consider long positions if SOL breaks above $210, targeting $220 as the next resistance based on historical patterns. Conversely, if this sparks regulatory scrutiny or fear of fund freezes, it could lead to a quick sell-off, offering short opportunities near $200 support. Volume analysis is key here; the transaction added approximately 7.957 million USDC worth of buying power to Solana's ecosystem, which might correlate with a 1-2% uptick in SOL's 24-hour trading volume if replicated by other players.

Broadening the view to cross-market implications, this event ties into broader crypto sentiment, particularly affecting ETH and stablecoin pairs. The hacker's preference for bridging to Solana suggests growing confidence in its ecosystem, which has seen increased DeFi activity. For stock market correlations, movements like this often ripple into tech stocks with crypto exposure, such as those tied to blockchain firms, potentially boosting sentiment in AI-driven trading platforms that analyze on-chain data. Institutional traders should watch for flows into SOL-based ETFs if they emerge, as this could amplify volatility. Overall, this incident serves as a reminder to monitor whale wallets for early trading signals, with tools like on-chain explorers providing real-time insights. By staying vigilant, traders can capitalize on these movements, whether through spot trading ETH/SOL pairs or leveraging futures contracts to hedge against sudden shifts.

In terms of risk management, the involvement of stolen funds adds a layer of uncertainty. If authorities trace and seize these assets, it could trigger a rapid unwind, impacting SOL liquidity. Savvy traders might use this as an opportunity to diversify into stable assets like USDC, which saw direct involvement here. Looking ahead, if ETH rebounds above $2,600 echoing the May sale price, it could validate the hacker's timing strategy, encouraging similar plays. For now, the market remains watchful, with SOL's price action likely to dictate near-term trading strategies across major pairs.