Galaxy Digital Sells $106 Million in Ethereum, Buys Solana Amid Historic ETH Plunge

• Galaxy Digital sells Ethereum and buys Solana
• ETH dominance plummets to all-time low
• Solana surpasses Ethereum in volume and network activity

Galaxy Digital, a company focused on financial services with crypto assets, realized a significant movement in recent weeks by selling 65.600 ETH, equivalent to US$ 106,5 million, and acquiring 752.240 SOL tokens, valued at approximately US$ 105 million. The operations took place through the Binance exchange, as indicated by Arkham data analyzed by Lookonchain.

Following the transactions, Galaxy holds around 55.760 ETH ($90,5 million) and 171.315 SOL ($23,9 million) in its wallet. Some of the tokens were transferred to unidentified addresses outside the exchange, suggesting strategic moves away from centralized platforms.

Galaxy’s decision comes at a time of sharp market decline for Ethereum. ETH’s dominance — the proportion of its market capitalization relative to total cryptocurrencies — has fallen to less than 7%, the lowest on record. Since the start of the year, ETH’s dominance has fallen 43%, while the asset’s price has fallen more than 51%. Ether is currently trading at around $1.633,85, up 0,70% in the last 24 hours.

It seems that Galaxy Digital is selling $ ETH and buying $ SOL !

In the past 2 weeks, Galaxy Digital deposited 65,600 $ ETH ($105.48M) to #Binance and withdrew 752,240 $ SOL ($98.37M) from #Binance . https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2

— Lookonchain (@lookonchain) April 22, 2025

Additionally, Ethereum-based institutional funds are facing eight consecutive weeks of net outflows, totaling over $909 million. Trading volumes on Ethereum DEXs have also fallen dramatically, falling from $82,2 billion in January to $42,5 billion by March 2025, according to DefiLlama.

Meanwhile, Solana has emerged as one of the leading alternatives. With a recent 8% growth in the last 30 days, its performance contrasts sharply with ETH’s decline. The Solana network has also surpassed Ethereum in terms of transaction volume on decentralized exchanges, surpassing $500 billion, in addition to maintaining more than 220 million active addresses.

Galaxy Digital's move could signal a strategic portfolio restructuring, focusing on assets with greater appreciation potential and network activity.