In a move attracting attention from crypto investors, Galaxy Digital – the company founded by billionaire Mike Novogratz – has swapped over 100 million USD worth of Ethereum (ETH) for Solana (SOL). This change comes in the context of a sharp decline in Ethereum, while Solana has recorded impressive growth in both price and on-chain activity.



Large capital shifts from ETH to SOL


According to on-chain data, #GalaxyDigital has transferred about 65,600 ETH (worth over 105 million USD) to Binance in the last 2 weeks, and then withdrew 752,240 SOL (equivalent to 98.37 million USD).


Although there has been no official announcement from Galaxy, analysts believe that this decision may stem from the view that the ETH market is in a 'structural decline phase' – according to the latest assessment by Standard Chartered bank. In fact, this bank has even lowered its year-end price forecast for ETH, emphasizing the risks from the rise of Layer-2 solutions and the tokenization of real assets.



Solana surpasses Ethereum on many fronts


Not only in terms of pricing, but $SOL is outperforming Ethereum on many performance metrics:



  • SOL's price increased by 8% over the past month, while ETH dropped nearly 20%.



  • DEX trading volume on Solana has surpassed 500 billion USD in the last 3 months – significantly higher than Ethereum (less than 400 billion USD).



  • The number of active addresses on Solana exceeded 220 million, while $ETH and its Layer-2 only reached about 80 million.



This is clear evidence that Solana is attracting liquidity, users, and practical applications more rapidly, especially as gas fees on Ethereum remain high and processing speeds have not improved significantly.



Is Ethereum losing its edge?


At the same time, some data shows that Ethereum is under significant pressure:



  • ETF funds related to ETH have seen a net outflow of nearly 600 million USD in the last 2 months.



  • Some ideas to 'revive' Ethereum, such as proposing to tax Layer-2 to buy back and burn ETH, have not yet become an Ethereum Improvement Proposal (EIP) – an important step for implementation on the network.




This indicates a lack of consensus within the Ethereum community regarding long-term strategies, while competitors like Solana are acting faster and more flexibly.



Signal for investors: Is the flow of funds shifting?


Galaxy Digital – a large and experienced organization – opting to shift substantial capital from ETH to SOL could be an important indicator for future cash flow trends. This does not mean that ETH has lost all potential, but it shows that the market is reassessing the positions of layer-1 platforms based on actual performance, not just reputation.


If Solana continues to maintain its growth momentum in users, applications, and liquidity as it is now, SOL could definitely be one of the leading tokens driving the price uptrend in the second half of 2025.



Risk warning:

The cryptocurrency market always carries many risks and high volatility. All information in this article is for reference purposes only and does not constitute investment advice. Always conduct thorough research and consider risks before making decisions.#anhbacong