Galaxy Digital, a crypto financial services firm, appears to have exchanged $106 million worth of ETH for SOL. This move highlights Ethereum’s ongoing struggles to maintain price momentum and market sentiment.
Blockchain analytics firm Lookonchain noted earlier today that Galaxy Digital deposited 65,600 ETH (worth around $106.5 million) and withdrew 752,240 SOL ( roughly $105 million) from the leading exchange, Binance, over the past fortnight.
Galaxy Digital rotated $80M worth of $ETH into $SOL over the past week 👇🏼#Solana unlocks ended, and Galaxy started accumulating — as a result, $SOL pumped from $95 to $137.
That’s a +44% move in 10 days on a $77B market cap asset. pic.twitter.com/dJykJiWino— B.E.R.L.Y (@berly_off) April 19, 2025
Ethereum Sentiment Continues To Tumble As Even Institutions Are Dumping ETH For SOL
According to the Galaxy dashboard on Arkham, Galaxy currently holds around 55,760 ETH, worth $90.5 million, and 171,315 SOL, worth $23.91 million.
According to the transaction data, the majority of Galaxy’s recent withdrawals from Binance have been sent to unmarked wallet addresses. Galaxy’s reported swap of ETH to SOL is a harsh reflection on the current state of Ethereum.
Online, the sentiment around the Vitalik Buterin-led blockchain is at an all-time low, and this move from such a notable crypto firm only adds to the feeling.
Ethereum’s token’s dominance has declined 43% since the start of the year, during which its price has dropped around 51%. ETH is currently trading at $1,630, down 0.5% daily.
The poor showing from ETH, even on a short-term timeframe, is a stark contrast to the market leader, Bitcoin. BTC has shown huge resilience amid the US tariff drama that Trump kicked off earlier this month.
After briefly dropping below $75,000 on April 7, Bitcoin has rallied impressively, trading back above $88,000 with a $90k retest looking imminent.
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Ethereum ETF Outflows Record Eight Straight Weeks Of Net Outflows
This bearish sentiment surrounding ETH is also evident on an institutional level. US Ethereum ETFs have recorded eight straight weeks of net outflows totalling over $909 million.
The biggest bane for Ethereum has come in two forms. One is the dominance of Solana as a blockchain—it has fast become the go-to network for DeFi, meme coins, and everything in between. This is due to its low fees, fast transaction speeds, and ease of use for newcomers.
Secondly, and in the case of the snake eating its own tail, Ethereum has suffered due to the success of its own Layer-2 solutions, such as Arbitrum and Base. Investors would rather trade on-chain on these L2s for a fraction of the cost, with all of the speed and security being built on top of Ethereum.
DefiLlama data this year has shown Ethereum DEX volume falling off a cliff. It suffered a significant drop to $42.5 billion in March 2025, compared to $64.7 billion in February and $82.2 billion in January.
This worrying downtrend highlights users leaving the network en masse. Coupled with the institutional outflows and Solana growing from strength to strength, it is a worrying time for ETH investors.
BONUS: Solaxy (SOLX) Could Be The Final Nail In The Coffin For Ethereum
The instability has held Solana back from truly becoming the ‘Ethereum Killer’ for the past few years. Solana suffers from a stuttering network, failed transactions, and even outright outages at peak activity times.
This is where Solaxy (SOLX) comes into play. It is the first ever L2 being built on Solana, with its sole purpose to ease the burden on the mainnet, allowing investors to trade without issue.
Using rollup technology, Solaxy will batch transactions from Solana, process them ‘off-chain’, and send them back to Solana for completion. This will be done to ensure maximum uptime on Solana while utilizing the speed and security of the mainnet.
Investors are betting big on SOLX, with over $31 million in presale funding already being raised. Many are calling for Solaxy to become for Solana what Arbitrum (ARB) is for Ethereum.
Considering ARB is a $1.4 billion market cap L2 solution on Ethereum, whilst competing with the likes of Optimism (OP), Base, and Polygon (POL), Solaxy is capturing a huge market share where there is no other competition.
Solana’s market cap currently stands at $72 billion, and if Solaxy succeeds in becoming the premier L2 solution for SOL, there is no reason why it can’t capture even a 10% market share from Solana.
This would give SOLX a market cap of around $7.2 billion, putting it behind Hedera (HBAR) as the 21st-largest cryptocurrency, per CoinGecko.
These estimations aren’t merely a fantasy – what SOLX is bringing to the table could revolutionize Solana and finally knock ETH off its number two spot for nearly a decade.
To join the presale, connect your wallet to the Solaxy website. For the best experience, we recommend using Best Wallet, which lets you view your $SOLX tokens even before launch and supports seamless multichain access across Ethereum and Solana.
Stay up-to-date with all things Solaxy by joining the community on X and Telegram.
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