Recently, on-chain data reveals that institutional crypto and blockchain leader Galaxy Digital swapped $100 million worth of ETH to SOL, indicating that more smart money investors are gaining interest in Solana. Blockchain analytic firm Lookonchain reported the transaction on its X page in the early hours of April 22, 2025, highlighting that Galaxy Digital seems to be dumping ETH and buying SOL within the past 2 weeks. According to Lookonchain, Galaxy Digital deposited over $105 million worth of ETH into Binance and withdrew over $98 million worth of SOL from the crypto exchange. This massive swap has indicated the firm’s focus shifted from the second-largest cryptocurrency to Solana.
It also aligns with Galaxy Digital CEO Mike Novogratz’s earlier comment on Ethereum, stating that the entire climate surrounding Ethereum is bearish and the altcoin is underperforming compared to Bitcoin and Solana. On the other hand, crypto community members are optimistic that Galaxy’s digital shift to Solana can trigger increased interest from other institutional investors, leading to more capital inflow for SOL. Interestingly, they were not wrong as GSR, a crypto trading and investment firm, announced plans to shift towards Solana-based Treasury, which involves the accumulating and staking of SOL.
Meanwhile, Solana has responded favorably to the wave of institutional adoption as SOL has recorded a bullish surge in value. Also, data from on-chain analytics firm Dune Analytics has revealed that beyond strong price action, Solana DEX volume has surged $500 billion in the past 3 months, outpacing Ethereum, which sits below $400 billion. Further, Solana’s active addresses have surged to over 220 million, indicating high network activity. According to Coingecko, Solana currently exchanges hands above the $150 mark but has failed to reclaim its position as the 5th largest cryptocurrency in the market.
