Crypto agency Galaxy Digital is executing an asset swap involving the native tokens of layer-1 blockchains Ethereum (ETH) and Solana (SOL), in line with on-chain knowledge.
Information from blockchain monitoring platform Lookonchain means that Galaxy Digital has, over the previous two weeks, offered Ethereum price tens of tens of millions of {dollars} and bought Solana.
“Previously 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 accordance with Thorn, one of many choices the US might train to buy the flagship crypto asset in a budget-neutral means could be to swap confiscated altcoins into Bitcoin.
“To be particular, you can promote an altcoin in an altcoin/BTC pair and by no means contact money in any respect. No money ever has to movement into the [US] normal 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 file excessive hit in January.
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