Galaxy Digital Swaps Ethereum for Solana

Mike Novogratz’s Galaxy Digital has exchanged $105 million in Ethereum for Solana, according to analysts at Lookonchain.

It seems that Galaxy Digital is selling $ETH and buying $SOL!

In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2

— Lookonchain (@lookonchain) April 22, 2025

Over the past two weeks, the firm transferred 65,600 ETH to Binance and withdrew 752,240 SOL (~$98 million).

At the time of writing, Solana is trading at $139.86 (-0.5% for the day), while Ethereum is at $1624 (-1.4%). Over the past seven days, SOL’s price has risen by 6.1%, whereas ETH has decreased by 1.2%, according to CoinGecko.

According to Dune Analytics, trading volume on decentralized exchanges in the Solana network exceeded $395 billion over three months, compared to $364 billion on Ethereum platforms.

The number of active SOL addresses also surpasses ETH: 224 million compared to 79 million.

On April 17, Galaxy Research proposed adjusting the voting system that determines the outcome of Solana’s future inflation.