Mike Novogratz’s Galaxy Digital has apparently swapped $100 million price of ether (ETH) for solana’s SOL.
In line with Wu Blockchain, on-chain knowledge means that Galaxy has swapped out a substantial quantity of its ETH holdings for SOL. Over the past two weeks, Galaxy has transferred 65,600 ETH – or about $105 million – to Binance and has withdrawn 752,240 SOL (roughly $98.37 million).
Galaxy could have made the transfer as a result of ETH continues to be in “structural decline” in keeping with a latest be aware from Customary Chartered, which slashed its year-end goal worth for the asset.
Information from an Arkham dashboard reveals that the agency holds $87.9 million ETH versus $23.86 million SOL.
Galaxy didn’t instantly return a request for remark from CoinDesk.
Market knowledge reveals that within the final month, SOL is up 8% whereas ETH is down practically 20%.
Customary Chartered estimated in its be aware that Base has minimize $50 billion from its market cap, but in addition argued that tokenized real-world belongings might assist stabilize Ethereum.
Many blockchain metrics would assist Customary Chartered’s thesis, as transactions on Solana have rocketed previous Ethereum within the final three months.
A Dune dashboard reveals that decentralized change (DEX) quantity on Solana has moved previous $500 billion within the final three months, whereas DEX quantity on Ethereum is lower than $400 billion. Energetic addresses on Solana are over 220 million whereas Ethereum and Ethereum Layer-2 addresses are simply over 80 million.
One thought, first proposed by Tron’s Justin Solar, to reverse this “structural decline” of Ethereum has been a tax on Layer-2s.
“All collected taxes shall be used to repurchase ETH and burn it in a completely decentralized method,” he wrote on X. This concept, nonetheless, hasn’t been formalized into an Ethereum Enchancment Proposal (EIP) which might be step one in it changing into actuality.
In the meantime, circulate knowledge from the Ether ETFs reveals that traders moved practically $600 million out of those listed merchandise during the last two months.
