Mike Novogratz Galaxy Digital has apparently exchanged $ 100 million ether (ETH) for Sola de Solana.
According to Wu Blockchain, the chain data suggests that Galaxy has exchanged a considerable amount of its ETH for floor participations. Over the past two weeks, Galaxy has transferred 65,600 ETH – about $ 105 million – to Binance and removed 752,240 soil (around 98.37 million dollars).
Galaxy may have moved because the ETH continues to be “structural decline” according to a recent note from Standard Charterd, which reduced its target end-of-year price for the assets.
ARKHAM dashboard data shows that the company has $ 87.9 million from ETH against $ 23.86 million.
Galaxy did not immediately return a request for comments from Coindesk.
Market data show that during the last month, Sol has increased by 8% while the ETH is down by almost 20%.
Standard Charterd estimated in its note that the base has reduced $ 50 billion in its market capitalization, but also argued that assets of the real tokenized world could help stabilize Ethereum.
Many blockchain measures would support the Chartered Standard thesis, as Solana transactions have exceeded Ethereum in the past three months.
A dashboard of a decentralized exchange (DEX) on Solana has exceeded $ 500 billion in the last three months, while the volume of Ethereum is less than $ 400 billion. The addresses active on Solana are greater than 220 million, while the Ethereum and Ethereum Layer-2 addresses are just over 80 million.
An idea, proposed for the first time by Justin Sun de Tron, to reverse this “structural decline” of Ethereum was a tax on the layer-2.
“All the taxes collected will be used to buy ETH and burn it in a completely decentralized way,” he wrote on X. This idea, however, has not been formalized in a proposal for an improvement in Ethereum (EIP) which would be the first step in reality.
Meanwhile, ETHE feed data show that investors have moved nearly $ 600 million to these products listed in the past two months.
