Crypto financial services firm Galaxy Digital appears to have exchanged over $100 million worth of ETH holdings for SOL, as Ethereum struggles to maintain its price momentum and market share. Blockchain analytics firm Lookonchain reported earlier today that Galaxy deposited 65,600 ETH ($106.5 million) and withdrew 752,240 SOL ($105 million) from Binance exchange during the past two weeks, citing data from Arkham. According to Arkham, Galaxy currently holds around 55,760 ETH, worth $90.5 million, and 171,315 SOL, worth $23.91 million. Large portions of Galaxy's recent withdrawals from Binance have been moved to unmarked wallet addresses, transaction data shows. Galaxy's apparent switch-out of ETH to SOL may reflect bearish sentiment around Ethereum, marked by a significant price correction and waning investor confidence.
Galaxy Digital swaps $106 million ETH for SOL, as ether dominance drops to record low
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