Galaxy Digital Exchanges $100 Million in ETH for SOL, On-Chain Data Shows Major Strategy Shift

According to ChainCatcher and reported by CoinDesk, Galaxy Digital, owned by Mike Novogratz, has transferred 65,600 ETH (approximately $105 million) to CEX in the past two weeks and withdrawn 752,240 SOL (approximately $98.37 million), indicating a substantial restructuring of assets.

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

Arkham data shows that Galaxy 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 over three months, far exceeding Ethereum's $400 billion, and the number of active addresses has exceeded 220 million.