Cryptocurrency company Galaxy Digital has swapped its Ethereum (ETH) for Solana (SOL).
According to Lookonchain's post, Galaxy Digital transferred 65,600 ETH (about $105 million) to Binance in the last two weeks, while withdrawing 752,240 SOL (about $98.37 million) from the exchange.
While this points to Galaxy Digital making a possible ETH-SOL swap, Standard Chartered analyzed the reasoning behind Galaxy making this move in a recent note.
Standard Chartered noted that ETH’s continued structural decline could be the reason why Galaxy Digital purchased Solana instead of ETH.
As is known, Standard Chartered lowered its year-end target price for Ethereum.
Standard Chartered estimated that Base has lost $50 billion in market value, while also noting that tokenized real-world assets could help stabilize Ethereum.
While Galaxy Digital is selling its ETH holdings, Tron (TRX) founder Justin Sun continues to hold onto his ETH holdings. Sun recently denied the allegations that he sold ETH.
Market data shows that SOL has increased by 8% in the past month, while ETH has decreased by around 20%.
*This is not investment advice.
