{"id":23118,"date":"2025-04-22T06:01:48","date_gmt":"2025-04-22T06:01:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=23118"},"modified":"2025-04-22T06:01:48","modified_gmt":"2025-04-22T06:01:48","slug":"mike-novogratzs-galaxy-digital-swaps-100m-eth-for-sol-on-chain-data-shows","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=23118","title":{"rendered":"Mike Novogratz’s Galaxy Digital Swaps $100M ETH for SOL, On-Chain Data Shows"},"content":{"rendered":"
\n

Mike Novogratz’s Galaxy Digital has apparently swapped $100 million worth of ether (ETH) for solana’s SOL.<\/p>\n

According to Wu Blockchain<\/a>, on-chain data suggests that Galaxy has swapped out a considerable amount of its ETH holdings for SOL. Over the last two weeks, Galaxy has transferred 65,600 ETH \u2013 or about $105 million \u2013 to Binance and has withdrawn 752,240 SOL (approximately $98.37 million).<\/p>\n

Galaxy may have made the move because ETH continues<\/a> to be in “structural decline” according to a recent note from Standard Chartered, which slashed its year-end target price for the asset.<\/p>\n

Data from an Arkham dashboard <\/a>shows that the firm holds $87.9 million ETH versus $23.86 million SOL.<\/p>\n

Galaxy did not immediately return a request for comment from CoinDesk.<\/p>\n

Market data shows that in the last month, SOL is up 8% while ETH is down nearly 20%.<\/p>\n

\"(TradingView)\"<\/p>\n

Standard Chartered estimated in its note that Base has cut $50 billion from its market cap, but also argued that tokenized real-world assets could help stabilize Ethereum.<\/p>\n

Many blockchain metrics would support Standard Chartered’s thesis, as transactions on Solana have rocketed past Ethereum in the last three months.<\/p>\n

\"(Dune<\/p>\n

A Dune dashboard<\/a> shows that decentralized exchange (DEX) volume on Solana has moved past $500 billion in the last three months, while DEX volume on Ethereum is less than $400 billion. Active addresses on Solana are over 220 million while Ethereum and Ethereum Layer-2 addresses are just over 80 million.<\/p>\n

One idea, first proposed by Tron’s Justin Sun<\/a>, to reverse this “structural decline” of Ethereum has been a tax on Layer-2s.<\/p>\n

“All collected taxes will be used to repurchase ETH and burn it in a fully decentralized manner,” he wrote on X. This idea, however, hasn’t been formalized into an Ethereum Improvement Proposal (EIP) which would be the first step in it becoming reality.<\/p>\n

Meanwhile, flow data from the Ether ETFs<\/a> shows that investors moved nearly $600 million out of these listed products over the last two months.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mike Novogratz’s Galaxy Digital has apparently swapped $100 million worth of ether (ETH) for solana’s SOL. According to Wu Blockchain, on-chain data suggests that Galaxy has swapped out a considerable amount of its ETH holdings for SOL. Over the last two weeks, Galaxy has transferred 65,600 ETH \u2013 or about $105 million \u2013 to Binance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-23118","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23118"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23118\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}