As Galaxy Digital sells Ethereum and the price of ETH drops 4%, Solana makes $105 million.
For Solana, Galaxy Digital exchanged 65,600 ETH, which is worth about US$105 million. The action follows a recent nearly 4% decline in ETH prices as SOL keeps rising. Additionally, 752,240 SOL tokens valued at almost US$98 million were withdrawn by the cryptocurrency asset management firm. The removal suggests a deliberate reorganization of the portfolio.
The price of ETH drops when the whale leaves.
On April 22, 2025, Ethereum’s price fell by about 4%, falling below US$2,000. ETH’s bullish momentum was undermined by waning investor confidence after its poor Q1 performance. The widespread sell-off of ETH was another effect of the ongoing scaling problems.
The momentum of Solana’s network drives accumulation.
Solana continues to outperform competitors on the chain. In terms of active wallet addresses and transactions during the previous 30 days, it gained ground. The FTX estate recently unlocked almost 11 million SOL tokens, which are worth about $1.6 billion. As a result, on April 23, 2025, the price of SOL increased by 8.97% to $151.42.
The Strategic Move of Galaxy Reflects a Wider Market Trend
This is not the first time Galaxy Digital has left Ethereum. In late 2024, the company exchanged ETH for Bitcoin, indicating its willingness to shift according to market dynamics. It also recently staked US$40 million in SOL after resolving legal matters with the NYAG related to its LUNA exposure.
Other Crypto Titans Maintain Their Position on ETH
Not all developers are adhering to Galaxy’s cryptocurrency plan. Justin Sun of Tron still possesses ETH. Trump-affiliated WLFI also denies selling its stakes, despite an ETH transfer of US$8 million from a related wallet.
Shift May Signal Growing Preference for Solana
The institutional acceptance of Solana is increasing. This change in investor attitude in the Layer 1 industry is further reflected in Galaxy Digital’s actions. As businesses respond to network performance and market mood, this could be the beginning of a larger trend.
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