The crypto financial services firm Galaxy Digital exchanged over $100 million worth of Ethereum (ETH) for Solana (SOL) in the past two weeks.
Blockchain analytics firm Lookonchain reported this activity, which aligns with Ethereum struggling to maintain its price and market share.
Transaction Details Reported
Lookonchain, using data from Arkham, stated that Galaxy Digital deposited 65,600 ETH (approximately $106.5 million) into the Binance exchange.
During the same two-week timeframe, the firm withdrew 752,240 SOL (approximately 105 million).
Transaction data indicates large parts of these SOL withdrawals went to unmarked wallet addresses. Arkham data shows Galaxy Digital currently holds about 55,760 ETH (105 million).
Transaction data indicates large parts of these SOL withdrawals went to unmarked wallet addresses. Digital currently holds about 55,760 ETH ($90.5 million) and 171,315 SOL ($23.91 million).
Ethereum Market Share Declines
Galaxy’s ETH-to-SOL exchange occurred as Ethereum’s market dominance reached an all-time low.
ETH’s market capitalization ratio to the total crypto market briefly fell below 7%.
Since the start of the year, ETH dominance has decreased by 43%, while its market price declined 51.5%.
Ether currently trades near $1,627.
Comparative Performance and Outflows
Ether has underperformed Bitcoin recently, especially during a market downturn linked to U.S. tariffs.
The ETH-to-BTC price ratio has fallen 48% year-to-date, according to TradingView.
Additionally, U.S. Ethereum exchange-traded funds (ETFs) experienced eight straight weeks of net outflows, totaling over $909 million, indicating institutional selling pressure.
DeFi Activity Shifts Amid Scalability Concerns
Ethereum’s role as the primary network for decentralized finance (DeFi) is weakening due to ongoing scalability challenges.
DefiLlama data shows Ethereum DEX volume dropped significantly to $42.5 billion in March 2025, compared to $64.7 billion in February and $82.2 billion in January.
Observers note that decentralized activity is moving from Ethereum to lower-cost alternatives like Solana and Layer-2 networks such as Base.
Also Read: Galaxy Digital Loses More in Q3 and Stands For Spot Bitcoin ETF Clearance
