TL;DR
- After all the hype about Ethereum, one of its biggest investors is dumping ETH and picking up SOL like it’s going out of style. Can you say, “plot twist?”
- And wait for it… The Ethereum Foundation might be cashing out on some of its ETH stash too. Oh, the drama!
Galaxy Digital Makes the Switch from ETH to SOL? 😱
CryptoPotato spilled the tea last week: Mike Novogratz’s crypto empire, Galaxy Digital, has been slowly unloading its precious ETH. In fact, it had moved a cool $80 million worth of Ethereum into Binance and Coinbase in just five days. 🤑
But hold your horses! Even after some surprisingly good news about Ethereum, Galaxy is still at it—selling ETH left and right. The real kicker? According to Lookonchain, they’ve been taking all that ETH cash ($105 million, no less) and splashing it on Solana. Yes, SOL. The nerve! 😳
It seems that Galaxy Digital is selling $ETH and buying $SOL! 🙄
In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.
— Lookonchain (@lookonchain) April 22, 2025
Solana, Ethereum’s so-called “rival,” has been gaining traction. Sure, it’s not winning in DeFi or TVL just yet, but its faster speeds and lower fees have attracted a lot of attention. It’s like Solana’s the cool kid in class, and Ethereum is the one trying to figure out if it still belongs. 😬
The Ethereum Foundation Gets in on the Action? 💸
And as if that wasn’t enough to shake ETH fans to their core, another bombshell dropped. Lookonchain noticed that a wallet tied to the Ethereum Foundation (yes, the same folks who brought you Ethereum) sent 1,000 ETH to Kraken. That’s about $1.58 million. Not exactly pocket change. 💰
A wallet linked to the Ethereum Foundation deposited 1,000 $ETH($1.58M) to #Kraken an hour ago.
This wallet received 84,513 $ETH($134M now) from the Ethereum Foundation 10 years ago, when the price of $ETH was ~$1.2.
— Lookonchain (@lookonchain) April 22, 2025
Oh, and just in case you’re wondering, this isn’t the first time the Foundation has been called out for dumping ETH. They’ve sold big chunks in the past, leading Vitalik Buterin to explain that it’s all about covering operational costs—paying those researchers and developers who are busy working on, you know, the future of blockchain and stuff. 😅
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2025-04-22 15:52