Solana's funding momentum continues to explode, is Galaxy selling ETH to buy SOL? On-chain signals reveal the true direction
With the market experiencing a broad rally, the Solana ecosystem is once again in the spotlight. Galaxy Digital transferred 65,600 ETH (approximately $105 million) to centralized exchanges in the last two weeks, while withdrawing 750,000 SOL (approximately $98.37 million), sparking market speculation on whether Galaxy is significantly 'abandoning ETH for SOL'.
According to Arkham data, Galaxy still holds approximately $87.9 million in ETH and $23.86 million in SOL, with a noticeable change in their holding structure. Behind this, Solana's on-chain data is equally strong:
• DEX trading volume in the past three months exceeded $500 billion, far surpassing Ethereum's $400 billion
• The total number of active addresses has surpassed 220 million
• In the last 7 days, Solana's active addresses reached 29.1 million, leading Tron (5.8 million) and Ethereum (5 million)
This series of data confirms: cryptocurrency funds are gradually flowing out of the 'traditional blue-chip' Ethereum and into the more efficient and high-growth Solana ecosystem.
In the future, driven by policies, capital, and technology, Solana may not only be a 'substitute' but a new value playground.
