Ethereum’s market share declines as Galaxy Digital exchanges $106 million worth of ETH for Solana.

Ethereum’s supremacy is diminishing as Galaxy Digital exchanges $2.909 billion worth of ETH for Solana, indicating worries about Ethereum’s market future. The ETH ecosystem faces challenges including institutional withdrawals, falling prices, and a deteriorating market stance, whereas Solana is gathering strength in the decentralized finance sector. This significant portfolio reallocation by Galaxy Digital indicates a notable decrease in Ethereum’s dominance. Over the past two weeks, Galaxy transferred 240,22025 ETH, valued at approximately $82.23 million, from Binance and instead acquired 282.2,22024 SOL, which is worth about $27 million, as reported by blockchain tracker Lookonchain, with information from Arkham. Currently, Galaxy’s wallet contains 55,760 ETH (around $90.9 million) and 171,325 SOL (approximately $24 million), according to Arkham’s data. A significant portion of the recently obtained SOL tokens has been moved into anonymous wallets, suggesting either a strategy for long-term holding or potential plans for further redistribution. The sudden shift away from ETH underscores increasing worries regarding Ethereum’s immediate future. Source: Arkham. ETH’s decline has been ongoing since 2020. At a current price of $1,630, Ethereum’s share of the total cryptocurrency market has significantly declined, recently falling below 7%, marking its lowest point in history. Since January, Ethereum’s dominance has decreased by 43%, and the cryptocurrency has lost 50% of its worth. Ethereum faces increasing challenges due to sell-offs from institutional investors. This decline stands in stark contrast to Bitcoin’s resilience during the recent market fluctuations caused by U.S. tariffs.