Mike Novogratz’s cryptocurrency investment firm, Galaxy Digital, has reportedly made a significant portfolio adjustment, swapping approximately $100 million worth of ether (ETH) for solana’s SOL.
According to on-chain data highlighted by Wu Blockchain, Galaxy Digital appears to have moved a substantial portion of its ether holdings to the Binance exchange over the past two weeks. The data indicates that 65,600 ETH, valued at around $105 million, was transferred, while 752,240 SOL, worth approximately $98.37 million, was subsequently withdrawn.
This potential strategic move by Galaxy Digital comes amid a backdrop of contrasting market performance for the two leading cryptocurrencies. Over the last month, SOL has seen an 8% increase in value, while ETH has experienced a decline of nearly 20%.
The rationale behind Galaxy’s apparent shift may be linked to recent analysis suggesting a less optimistic outlook for Ethereum. Standard Chartered, in a recent note, reportedly indicated that ETH remains in a state of “structural decline” and significantly lowered its year-end price target for the asset.
Data from an Arkham Intelligence dashboard currently shows Galaxy Digital holding $87.9 million in ETH compared to $23.86 million in SOL. Galaxy Digital did not immediately respond to a request for comment from CoinDesk regarding these reported transactions.
Standard Chartered’s analysis also suggested that the Ethereum layer-2 network, Base, has seen $50 billion wiped from its market capitalization. However, the firm also posited that the tokenization of real-world assets could potentially help stabilize Ethereum’s position.
