Markets, ETH, SOL, Galaxy Digital, News SOL is up 8% within the final month whereas ether is down practically 20%.
Mike Novogratz’s Galaxy Digital has apparently swapped $100 million value of ether (ETH) for solana’s SOL.
According to Wu Blockchain, on-chain information means that Galaxy has swapped out a substantial quantity of its ETH holdings for SOL. Over the final two weeks, Galaxy has transferred 65,600 ETH – or about $105 million – to Binance and has withdrawn 752,240 SOL (roughly $98.37 million).
Galaxy might have made the transfer as a result of ETH continues to be in “structural decline” in response to a current word from Standard Chartered, which slashed its year-end goal value for the asset.
Data from an Arkham dashboard reveals that the agency holds $87.9 million ETH versus $23.86 million SOL.
Galaxy didn’t instantly return a request for remark from CoinDesk.
Market information reveals that within the final month, SOL is up 8% whereas ETH is down practically 20%.
Standard Chartered estimated in its word that Base has reduce $50 billion from its market cap, but additionally argued that tokenized real-world property may assist stabilize Ethereum.
Many blockchain metrics would help Standard Chartered’s thesis, as transactions on Solana have rocketed previous Ethereum within the final three months.
A Dune dashboard reveals that decentralized alternate (DEX) quantity on Solana has moved previous $500 billion within the final three months, whereas DEX quantity on Ethereum is lower than $400 billion. Active addresses on Solana are over 220 million whereas Ethereum and Ethereum Layer-2 addresses are simply over 80 million.
One concept, first proposed by Tron’s Justin Sun, to reverse this “structural decline” of Ethereum has been a tax on Layer-2s.
“All collected taxes will be used to repurchase ETH and burn it in a fully decentralized manner,” he wrote on X. This concept, nonetheless, hasn’t been formalized into an Ethereum Improvement Proposal (EIP) which might be step one in it turning into actuality.
Meanwhile, flow data from the Ether ETFs reveals that buyers moved practically $600 million out of those listed merchandise during the last two months.
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