Galaxy Digital’s Mike Novogratz Swaps 65,600 ETH for 752,240 SOL Amid Market Shifts

Galaxy Digital, led by Mike Novogratz, has executed a significant cryptocurrency swap, moving 65,600 ETH ($105.48 million) to Binance and withdrawing 752,240 SOL ($98.37 million) over the past two weeks. This move suggests a strategic shift from ETH to SOL within the firm’s portfolio. The swap comes at a time when market data indicates a contrasting performance between the two cryptocurrencies, with SOL gaining 8% in value over the last month while ETH has declined nearly 20%. This transaction aligns with broader market trends, including a noted ‘structural decline’ in ETH, and Galaxy Digital’s recent activities, such as additional ETH deposits to exchanges. Furthermore, decentralized exchange (DEX) volume on Solana has surpassed $500 billion in the last three months, compared to less than $400 billion on Ethereum, with active addresses on Solana reaching over 220 million, significantly higher than Ethereum’s 80 million. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant