- Galaxy Digital deposits 65,600 ETH worth $105.48M to Binance.
- Galaxy Digital withdraws 752,240 SOL valued at $ 98.37 M.
- ETH’s price is at $1,624.40, and Solana’s is at $139.47, both showing slight declines.
Galaxy Digital has made significant moves recently. In the past two weeks, the firm has deposited a substantial amount of Ethereum into Binance and, at the same time, withdrawn a large quantity of Solana from the same exchange. This shift has caught the attention of market observers as it appears Galaxy Digital is reallocating its digital asset portfolio.
Massive ETH Deposit to Binance and SOL Withdrawal from Binance
Lookonchain disclosed through X that Galaxy Digital moved 65,600 Ethereum worth about $105.48 million to Binance. The substantial Ethereum transfer generates scrutiny about the company’s future approach towards Ethereum.
The transfer signifies either Galaxy Digital reinvests its holdings for different uses or plans for future growth across the whole cryptocurrency discipline. Ethereum serves as a fundamental block in the digital asset marketplace because its smart contracts and extensive adoption make it key for the market.
At the same time, Galaxy Digital withdrew a notable sum of Solana from Binance. The amount totaled 752,240 SOL, worth $98.37 million. SOL has become one of the more central players in the blockchain space, honored for its scalability and low transaction fees. Galaxy Digital’s decision to pull a large amount of Solana indicates that the firm might be making strategic adjustments, potentially moving assets to other platforms or wallets.
Ethereum and Solana Current Price Movement
According to CoinMarketCap, the Ethereum market shows a $1,624.40 value alongside $196.08 billion market capitalization that has decreased by 0.49%. The current trading volume for Ethereum exceeds $15.93 billion while experiencing a 32.92% spike within the previous day. The current circulating amount of Ethereum stands at 120.71 million ETH.
On the other hand, Solana’s price is $139.47, experiencing a slight decline of 0.18%. Its market performance is tracked alongside Ethereum, which is represented by the contrasting blue and red lines. The chart indicates that Ethereum has had higher volatility and price fluctuations compared to Solana, with the price shifts for both assets over time presented visually.
Galaxy Digital’s recent transactions are right in line with the firm’s active portfolio management strategy. This could indicate the change of priorities to move from ETH to $SOL or to take advantage of a growth opportunity in the Solana ecosystem. Despite these pros, Galaxy Digital’s previous action indicates we have to revisit their freshwater now.
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