NewsletterIs Galaxy Digital Offloading Ethereum To Buy Solana On Binance?
Highlights
- Galaxy Digital appears to be selling off its ETH holdings for SOL.
- The financial services firm has racked up a streak of on-chain activity on Binance.
- Despite falling Ethereum prices, several entities are flashing diamond hands.
Recent on-chain data indicates that Galaxy Digital might be selling its Ethereum (ETH) holdings on the Binance exchange. According to the data, the firm is shifting its focus to Solana (SOL), accumulating around $100 million worth of SOL over two weeks.
Galaxy Digital Withdraws 752,240 SOL From Binance
According to an X post by Lookonchain, Galaxy Digital appears to be losing faith in Ethereum following its on-chain activities. On-chain data reveals that the financial services may have sold a large tranche of ETH in exchange for SOL tokens.
The data indicates that over the last 14 days, Galaxy Digital deposited 65,600 ETH valued at $105 million on Binance. Within the same period, Galaxy Digital withdrew 752,240 SOL tokens in a possible ETH-to-SOL swap.
“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 the rise of SOL 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.
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