Galaxy Digital exchanges $100 million in ETH for SOL, on-chain data shows a major strategy adjustment

ChainCatcher news, according to CoinDesk, Galaxy Digital, led by Mike Novogratz, transferred 65,600 ETH (approximately $105 million) to Binance in the past two weeks and withdrew 752,240 SOL (approximately $98.37 million), suspected of significantly adjusting its asset structure.

This move comes against the backdrop of ETH falling nearly 20% in the past month, while SOL has risen about 8%. A recent report from Standard Chartered indicated that ETH faces "structural downside" and lowered its year-end target price.

Arkham data shows that Galaxy currently still holds approximately $87.9 million worth of ETH and $23.86 million worth of SOL. The Solana ecosystem continues to expand, with DEX trading volume surpassing $500 billion in three months, far exceeding Ethereum's $400 billion, and the number of active addresses has also exceeded 220 million.