Galaxy Digital, led by Mike Novogratz, has reportedly swapped approximately $100 million in Ether (ETH) for Solana (SOL). On-chain data indicates Galaxy transferred 65,600 ETH (around $105 million) to Binance over the past two weeks while withdrawing 752,240 SOL, valued at about $98.37 million.
This move occurs amidst market discussions regarding Ethereum's performance. Standard Chartered has adjusted its year-end price target for ETH, citing structural challenges. Data from Arkham indicates Galaxy holds $87.9 million in ETH compared to $23.86 million in SOL.
Recent market trends show SOL has increased, while ETH has decreased over the last month. However, it's important to note that Ethereum has recently surpassed Solana in DEX trading volume. In March 2025, Ethereum-based DEXs recorded $63 billion in trading volume, exceeding Solana's $51 billion.