Galaxy Digital Unloads Ethereum and Accumulates Solana As $105,480,000 in ETH Deposited to Binance: Lookonchain
Crypto Firm Galaxy Digital Swaps Assets Between Ethereum and Solana
Galaxy Digital, a prominent crypto firm, has recently executed an asset swap involving the native tokens of two layer-1 blockchains, Ethereum (ETH) and Solana (SOL), as per on-chain data.
According to data from the blockchain tracking platform Lookonchain, Galaxy Digital has sold Ethereum worth tens of millions of dollars over the past two weeks and acquired Solana tokens in return.
“In the past two weeks, Galaxy Digital deposited 65,600 ETH ($105.48 million) to Binance and withdrew 752,240 SOL ($98.37 million) from Binance.”
Galaxy Digital’s strategic portfolio adjustment comes at a time when the firm’s head of research, Alex Thorn, has forecasted that the US might acquire Bitcoin (BTC) this year to supplement the Strategic Bitcoin Reserve (SBR) established in March. Thorn suggested that swapping confiscated altcoins into Bitcoin could be a budget-neutral way for the US to purchase the flagship cryptocurrency.
“To be specific, you could sell an altcoin in an altcoin/BTC pair and never touch cash at all. No cash ever has to flow into the [US] general treasury. Could be an easier way to get to a ‘promises made, promises kept’ on the SBR.”
At the time of writing, Ethereum is priced at $1,630, reflecting a 67% decline from its all-time high in November 2021. Similarly, Solana is currently trading at $140, down by 52% from its peak in January.
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