Mike Novogratz's Galaxy Digital Swaps $100M ETH for SOL, On-Chain Data Shows

Mike Novogratz's Galaxy Digital has seemingly swapped $100 cardinal worthy of ether (ETH) for solana's SOL.

According to Wu Blockchain, on-chain information suggests that Galaxy has swapped retired a sizeable magnitude of its ETH holdings for SOL. Over the past 2 weeks, Galaxy has transferred 65,600 ETH – oregon astir $105 cardinal – to Binance and has withdrawn 752,240 SOL (approximately $98.37 million).

Galaxy whitethorn person made the determination due to the fact that ETH continues to beryllium successful "structural decline" according to a caller enactment from Standard Chartered, which slashed its year-end people terms for the asset.

Data from an Arkham dashboard shows that the steadfast holds $87.9 cardinal ETH versus $23.86 cardinal SOL.

Galaxy did not instantly instrumentality a petition for remark from CoinDesk.

Market information shows that successful the past month, SOL is up 8% portion ETH is down astir 20%.

Standard Chartered estimated successful its enactment that Base has chopped $50 cardinal from its marketplace cap, but besides argued that tokenized real-world assets could assistance stabilize Ethereum.

Many blockchain metrics would enactment Standard Chartered's thesis, arsenic transactions connected Solana person rocketed past Ethereum successful the past 3 months.

A Dune dashboard shows that decentralized speech (DEX) measurement connected Solana has moved past $500 cardinal successful the past 3 months, portion DEX measurement connected Ethereum is little than $400 billion. Active addresses connected Solana are implicit 220 cardinal portion Ethereum and Ethereum Layer-2 addresses are conscionable implicit 80 million.

One idea, first projected by Tron's Justin Sun, to reverse this "structural decline" of Ethereum has been a taxation connected Layer-2s.

"All collected taxes volition beryllium utilized to repurchase ETH and pain it successful a afloat decentralized manner," helium wrote connected X. This idea, however, hasn't been formalized into an Ethereum Improvement Proposal (EIP) which would beryllium the archetypal measurement successful it becoming reality.

Meanwhile, flow information from the Ether ETFs shows that investors moved astir $600 cardinal retired of these listed products implicit the past 2 months.