Quick overview

Live SOL/USD Chart

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Mike Novogratz’s Galaxy Digital has sold approximately $105 million worth of Ethereum (ETH) in favor of Solana (SOL). This action occurs as more investors grow cautious about Ethereum due to its high transaction costs, scalability issues, and increasing competition from faster, more efficient networks like Solana.

Galaxy Digital deposited 65,600 ETH and withdrew 752,240 SOL from Binance within a two-week period

This move also coincides with shifting market conditions between Solana and Ethereum.

Decentralized exchanges (DEXs) on the Solana network have processed over $395 billion in trading volume in the last three months, surpassing Ethereum’s $364 billion during the same period. Moreover,  224 million Solana addresses are in use, far exceeding Ethereum’s 79 million.

However, the altcoin trades at around $2,500, despite a significant increase in new addresses over the past month. Following the Senate’s passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) bill, this development comes amidst advances in the regulations concerning digital assets. Data from Santiment indicates that the number of new Ethereum addresses created weekly has increased by nearly one-third over the past month compared to the same period last year.

Santiment analysts noted in an X post on Wednesday that “the amount of new weekly ETH addresses created is  around 800 K- 1 million per week, compared to about one-third less at this point last year.”

The increase in addresses follows some encouraging news for the Ethereum ecosystem over the past month, particularly when the GENIUS Act, a stablecoin bill, received broad bipartisan support in the Senate.