Crypto agency Galaxy Digital is executing an asset swap involving the native tokens of layer-1 blockchains Ethereum (ETH) and Solana (SOL), in response to on-chain knowledge.
Information from blockchain monitoring platform Lookonchain suggests that Galaxy Digital has, over the previous two weeks, bought Ethereum price tens of thousands and thousands of {dollars} and bought Solana.
“Prior to now two weeks, Galaxy Digital deposited 65,600 ETH ($105.48 million) to Binance and withdrew 752,240 SOL ($98.37 million) from Binance.”
Galaxy Digital’s portfolio reorganization is coming amid the agency’s head of analysis, Alex Thorn, predicting that the US will buy Bitcoin (BTC) this yr so as to add to the Strategic Bitcoin Reserve (SBR) launched in March. In line with Thorn, one of many choices the US may train to buy the flagship crypto asset in a budget-neutral means can be to swap confiscated altcoins into Bitcoin.
“To be particular, you might promote an altcoin in an altcoin/BTC pair and by no means contact money in any respect. No money ever has to circulation into the [US] common treasury. Might be a better approach to get to a ‘guarantees made, guarantees stored’ on the SBR.”
Ethereum is buying and selling at $1,630 at time of writing, down by 67% from the all-time excessive reached in November of 2021. Solana is altering fingers at $140 at time of writing, down by 52% from the document excessive hit in January.
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