Crypto financial services firm Galaxy Digital reportedly exchanged over $100 million in ETH holdings for SOL. On-chain data indicates that Galaxy Digital deposited 65,600 ETH (approximately $105 million) to Binance and withdrew 752,240 SOL (around $98.37 million) over the past two weeks.
This move comes as Ethereum faces challenges, including a decline in market share and sluggish derivatives market. Ethereum's dominance in the crypto market has fallen, reaching levels close to its historic low. The price of Ether is currently around $1,700.
The Ethereum network is preparing for its Pectra upgrade, scheduled for May 7, 2025. This upgrade aims to improve validator flexibility, network scalability, user experience, and execution efficiency.