Galaxy Digital May Be Dumping Its Ethereum (ETH) Holdings for Solana (SOL)

Fresh on-chain data suggests Galaxy Digital may be offloading its Ethereum (ETH) holdings on the Binance exchange. Per the data, the company is pitching its tent with Solana (SOL), stacking up nearly $100 million worth of SOL over two weeks.

Galaxy Digital appears to be reducing its Ethereum (ETH) holdings and pitching its tent with Solana (SOL), on-chain data suggests.

According to an X post by Lookonchain, the financial services firm may have sold a large tranche of ETH in exchange for SOL tokens.

Over the last 14 days, Galaxy Digital deposited 65,600 ETH worth $105 million to Binance. Within the same period, Galaxy Digital withdrew 752,240 SOL tokens.

“It seems that Galaxy Digital is selling ETH and buying SOL,” said 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 movement has raised eyebrows given the sheer volume and consistency of transactions over a two-week window. The steady SOL purchases follow Galaxy Digital staking $40 million SOL after reaching a settlement agreement with the NYAG over LUNA sales.

This is not the first time the firm is selling Ethereum, with the company ditching ETH to stack Bitcoin in late 2024. Ethereum price reacted negatively to the reports, 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 activity comes amid a rough patch for Ethereum in recent weeks. The largest altcoin is trading under $2,000 after an underwhelming Q1, forcing the hand of investors to sell their ETH holdings.

While Galaxy Digital is selling off its ETH, Tron founder Justin Sun is hodling his ETH holdings. Trump-backed WLFI has denied selling its ETH after a wallet linked to the project offloaded over $8 million worth of ETH tokens.

On the flipside, Solana is basking in a red-hot streak of positive on-chain metrics. Over the last 30 days, Solana had the highest number of active wallet addresses by a distance, while transaction volume outclassed its peers.

The combination of rising network activity around Solana is fueling speculation for SOL rise to $2,000. At the moment, SOL is trading at $138.2, slipping by 1.42%, but enthusiasm among traders is at an all-time high.