Galaxy Digital exchanged $100 million of ETH for SOL, and on-chain data showed a major strategy adjustment

Odaily News Mike Novogratz's Galaxy Digital transferred 65,600 ETH (about 105 million US dollars) to Binance and withdrew 752,240 SOL (about 98.37 million US dollars) in the past two weeks, which is suspected to be a major adjustment of its asset structure.
This move comes as ETH has fallen nearly 20% in the past month, while SOL has risen about 8%. Standard Chartered Bank recently reported that ETH faces a "structural downturn" and lowered its year-end target price.
Arkham data shows that Galaxy currently still holds about $87.9 million worth of ETH and $23.86 million worth of SOL. The Solana ecosystem continues to expand, with DEX trading volume exceeding $500 billion in three months, far exceeding Ethereum's $400 billion, and the number of active addresses has exceeded 220 million. (CoinDesk)