Galaxy Digital has swapped 65,600 ETH for Solana (SOL), reflecting a strategic portfolio alignment amidst Ethereum’s recent price drop of nearly 4%. Solana is outperforming competitors with increased active wallet addresses and transaction volumes, as institutional adoption grows. Unlike Galaxy, other key players, such as Justin Sun, continue to hold ETH, indicating varied strategies across the market.
Galaxy Digital has exchanged 65,600 ETH, equivalent to over US$105 million, for Solana (SOL). This strategic move follows a notable 4% decline in Ethereum’s price, reinforcing Solana’s recent gain in market value. The company also withdrew 752,240 SOL tokens, valued at around US$98 million, suggesting an intentional adjustment to their investment portfolio.
On April 22, 2025, Ethereum experienced a price drop of nearly 4%, falling below the US$2,000 mark. This decline, attributed to a loss of investor confidence after a disappointing first quarter for ETH, has weakened its bullish trend. Ethereum’s current struggles underscore the shifting dynamics within the cryptocurrency market.
Solana continues to outperform its competitors, showcasing a significant increase in active wallet addresses and transaction volumes over the past month. Recently, around 11 million SOL tokens, valued at approximately $1.6 billion, were unlocked from the FTX estate, contributing to a 8.97% price surge for SOL, further enhancing its market position.
Galaxy Digital’s recent actions are part of a broader strategy to adapt to evolving market conditions. Previously, the firm traded ETH for Bitcoin in late 2024, displaying its willingness to pivot based on market trends. Following legal resolutions with the New York Attorney General, the company has also staked US$40 million in SOL to consolidate its holdings.
Contrasting with Galaxy’s approach, other prominent figures in the cryptocurrency space are maintaining their ETH positions. Notably, Tron’s Justin Sun continues to hold ETH, and the Trump-linked WLFI has denied any intention to liquidate its ETH holdings, despite a recent US$8 million transfer from an associated wallet.
The increasing institutional adoption of Solana reflects a potential shift in investor sentiment within the Layer 1 space. Galaxy Digital’s strategic decisions highlight a growing preference for Solana among institutional investors, suggesting an emerging trend as firms respond to network performance and broader market sentiment.
