Recent on-chain information signifies that Galaxy Digital may be promoting its Ethereum (ETH) holdings on the Binance alternate. According to the info, the agency is shifting its focus to Solana (SOL), accumulating round $100 million value of SOL over two weeks.
Galaxy Digital Withdraws 752,240 SOL From Binance
According to an X post by Lookonchain, Galaxy Digital seems to be shedding religion in Ethereum following its on-chain actions. On-chain information reveals that the monetary providers might have bought a big tranche of ETH in alternate for SOL tokens.
The information signifies that during the last 14 days, Galaxy Digital deposited 65,600 ETH valued at $105 million on Binance. Within the identical interval, Galaxy Digital withdrew 752,240 SOL tokens in a potential ETH-to-SOL swap.
“It seems that Galaxy Digital is selling ETH and buying SOL,” mentioned Lookonchain. “In the past 2 weeks, Galaxy Digital deposited 65,600 ETH ($105.48M) to Binance and withdrew 752,240 SOL ($98.37M) from Binance.”
The on-chain motion has raised eyebrows given the sheer quantity and consistency of transactions over a two-week window. The regular SOL purchases comply with Galaxy Digital staking $40 million SOL after reaching a settlement settlement with the NYAG over LUNA gross sales.
This just isn’t the primary time the agency is promoting Ethereum, with the corporate ditching ETH to stack Bitcoin in late 2024. Ethereum worth reacted negatively to the experiences, shedding 4% and dousing optimism for an ETH rally to $3K.
Ethereum Faces A Torrid Patch As Solana Surges Forward
Galaxy Digital’s on-chain exercise comes amid a tough patch for Ethereum in current weeks. The largest altcoin is buying and selling beneath $2,000 after an underwhelming Q1, forcing the hand of traders to promote their ETH holdings.
While Galaxy Digital is promoting off its ETH, Tron founder Justin Sun is hodling his ETH holdings. Trump-backed WLFI has denied promoting its ETH after a pockets linked to the undertaking offloaded over $8 million value of ETH tokens.
On the flipside, Solana is basking in a red-hot streak of constructive on-chain metrics. Over the final 30 days, Solana had the best variety of lively pockets addresses by a distance, whereas transaction quantity outclassed its friends.
The mixture of rising community exercise round Solana is fueling hypothesis for the rise of SOL to $2,000. At the second, SOL is buying and selling at $138.2, slipping by 1.42%, however enthusiasm amongst merchants is at an all-time excessive.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and rising applied sciences journalist with a knack for masking needle-moving tales within the house. Aliyu delivers breaking information tales, regulatory updates, and insightful evaluation with depth and precision. When he is not poring over charts or following leads, Aliyu enjoys enjoying the bass guitar, lifting weights and operating marathons.
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