- Galaxy Digital sells Ethereum for Solana on Binance.
- ETH price drops 4% after sales.
- SOL price soars, dominating DEX trading.
Galaxy Digital, led by Mike Novogratz, has reportedly conducted significant trades on Binance, selling $105 million in Ethereum for $98 million in Solana in April 2025.
This trading activity may reflect strategic shifts influencing Ethereum and Solana prices, with market movements indicating a split in institutional and retail interests.
Galaxy Digital has reportedly carried out an ETH-to-SOL trade, resulting in the liquidation of 65,600 ETH on Binance and the acquisition of 752,240 SOL within two weeks. The firm’s motive for this transaction has not been officially outlined by executive leadership.
The lack of official communication from Galaxy Digital’s leadership, including CEO Mike Novogratz, leaves many market participants speculating about the reasons behind reallocating assets. Despite this, blockchain analysts from entities like Lookonchain confirmed the transactions based on on-chain data.
https://twitter.com/lookonchain/status/1914492078236811451
The immediate consequence for the market was a 4% decline in Ethereum prices, pushing it to the $1,500–$1,600 range. In contrast, Solana experienced an increasing trend, reflecting 8% growth, driven by increased DEX activity and renewed interest in meme coins.
“It seems that Galaxy Digital is selling ETH and buying SOL. In the past 2 weeks, Galaxy Digital deposited 65,600 ETH ($105.48M) to Binance and withdrew 752,240 SOL ($98.37M).” – Lookonchain, Blockchain Analyst
This shift highlights the impact of institutional moves on crypto assets. Solana’s DEX volume now surpasses Ethereum’s, accounting for 48% of decentralized trading volume. The activity is observed in response to the growing developer interest and increasing community participation in Solana’s ecosystem.
The influence of major institutional investors, such as Galaxy Digital, underscores potential regulatory and market reverberations. This transaction echoes a similar strategic asset reallocation to BTC in late 2024, where Galaxy Digital’s movements prompted shifts in investor behavior and asset valuations.
https://twitter.com/WuBlockchain/status/1914506718211686495
