Mike Novogratz’s Galaxy Digital seems to have exchanged $ 100 million worth of Ether (ETH) for Solana’s Sol.
According to WU BLOCKCHAINOn-chain data suggests that Galaxy exchanged a large amount of ETH holdings for Sol. In the past two weeks, Galaxy has moved 65,600 ETH – or about $ 105 million – to binance and withdraw 752,240 sol (approximately $ 98.37 million).
Galaxy could make a move because ETH continues To be in the “structure of denial” according to a recent note from the standard chartered, which has fallen to the price of the target end of the year for possession.
Data from a Arkham Dashboard It is shown that the company holds $ 87.9 million ETH compared to $ 23.86 million sol.
Galaxy did not immediately return a request for comment from CoinDesk.
Market data shows that last month, SOL climbed 8% while ETH dropped almost 20%.
The standard chartered estimated in its note that the base has cut $ 50 billion from its market cap, but also argued that tokenized real-world assets will help stabilize Ethereum.
Many blockchain metrics support the thesis of the standard chartered, as Solana transactions have been rocking the previous Ethereum in the last three months.
A Dune dashboard It is shown that the Decentralized Exchange (DEX) volume in Solana has moved over the past $ 500 billion in the last three months, while the DEX volume in Ethereum is less than $ 400 billion. Solana’s active addresses are over 220 million while Ethereum and Ethereum Layer-2 addresses are just over 80 million.
An idea, an idea, First Suggested by Justin Sun’s TronTo reverse the “structure denial” of this Ethereum is a tax on the layer-2s.
“All collected taxes will be used to re -buy the ETH and burn it in a completely decentralized manner,” he wrote to X. This idea, however, is not formalized in a proposal improving Ethereum (EIP) which will be the first step in being reality.
Meanwhile, meanwhile Flow data from Ether ETF It is shown that investors have moved nearly $ 600 million to the listed products over the last two months.
