Galaxy Digital, a cryptocurrency firm, has made a big shift in its investments. They’ve sold off a significant chunk of their Ethereum (ETH) and bought a large amount of Solana (SOL).
ETH to SOL Swap
According to blockchain tracker Lookonchain, over the last two weeks, Galaxy Digital moved approximately $105 million worth of ETH to Binance, a major cryptocurrency exchange. Almost simultaneously, they withdrew about $98 million worth of SOL from Binance. This strongly suggests a deliberate exchange of ETH for SOL.
Why the Swap?
This portfolio reshuffle comes as Galaxy Digital’s head of research, Alex Thorn, predicts the US government will buy more Bitcoin (BTC) this year. Thorn suggests a clever way for the US to add to its Bitcoin reserves without directly using taxpayer money: swapping confiscated altcoins (like ETH) for BTC.
Market Context
It’s worth noting that both ETH and SOL are currently trading well below their all-time highs. ETH is down 67% from its peak, while SOL has dropped 52%. This could be a factor influencing Galaxy Digital’s decision.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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