Galaxy Digital Swaps $100 Million in ETH for SOL, On-Chain Data Reveals
Mike Novogratz's Galaxy Digital has exchanged $100 million worth of ETH for SOL.
- Galaxy transferred 65,600 ETH (approximately $105 million) to Binance in the last two weeks.
- 752,240 SOL (around $98.37 million) were withdrawn during the swap.
- Standard Chartered noted ETH is in "structural decline," reducing its year-end price target.
- Current holdings: Galaxy has $87.9 million in ETH and $23.86 million in SOL.
- Market data indicates SOL is up 8% over the last month, while ETH has decreased nearly 20%.
- Standard Chartered estimated a $50 billion market cap reduction due to Base but suggested tokenized real-world assets could stabilize Ethereum.
- Solana's transaction volume surpassed Ethereum's in the last three months.
- Dune Analytics reports Solana's DEX volume exceeded $500 billion while Ethereum's was under $400 billion.
- Active addresses: Solana has over 220 million, while Ethereum and Layer-2 addresses are just above 80 million.
Justin Sun proposed a tax on Layer-2s to combat ETH's decline, suggesting collected taxes would be used to repurchase and burn ETH. This idea has not yet been formalized into an Ethereum Improvement Proposal (EIP).
Additionally, Ether ETFs experienced nearly $600 million in outflows over the past two months.