Galaxy throws 100 million dollars, abandons ETH for SOL? Can Ethereum still hold up?
Galaxy Digital recently swapped 65,000 ETH for 750,000 SOL, equivalent to directly casting a vote of no confidence against Ethereum with 100 million dollars. ETH's market share has dropped below 7%, reaching an all-time low, with over 900 million dollars flowing out of ETFs in eight weeks, and DeFi users are also dwindling.
Although Ethereum has the Pectra upgrade on May 7, attempting to address scalability issues, institutional funds in the beautiful country have already started to shift towards Solana.
In short, ETH is not dead yet, but in the short term, funds are “voting” with their actual actions—whoever runs fast, whoever can attract the money.
