tl;dr
Crypto firm Galaxy Digital is swapping assets between Ethereum (ETH) and Solana (SOL), selling around $105 million in Ethereum and buying approximately $98 million in Solana over the past two weeks, according to blockchain data. This portfolio adjustment coincides with Alex Thorn, Galaxy Digital's h...
Galaxy Digital is actively swapping significant amounts of Ethereum (ETH) for Solana (SOL) tokens, moving over $100 million in each direction through Binance within the past two weeks. According to blockchain data, the firm deposited 65,600 ETH, valued at approximately $105.48 million, to Binance and withdrew around 752,240 SOL, worth about $98.37 million.
This strategic portfolio adjustment comes as Alex Thorn, Galaxy Digital’s head of research, predicts that the US government may acquire Bitcoin (BTC) this year to expand its Strategic Bitcoin Reserve (SBR). Thorn suggests a budget-neutral method where the US could swap confiscated altcoins into Bitcoin directly, bypassing cash transactions entirely. This approach could facilitate transparent fulfillment of the SBR promises.
Currently, Ethereum trades at roughly $1,630, a 67% decline from its November 2021 all-time high. Solana is priced near $140, down 52% from its record peak in January. These price movements reflect broader market volatility impacting layer-1 blockchain tokens.
The asset reshuffling by Galaxy Digital illustrates a broader trend of institutional portfolio adjustments amidst evolving regulatory and market dynamics. Observers and investors alike should watch these developments closely, as they may signal anticipated shifts in crypto asset allocation and government crypto strategies.