Mike Novogratz’s Galaxy Digital has apparently swapped a value of Ether (Ether (Eth) to Solana’s Sun.

According to Wu Blockchain, data on the chain suggests that Galaxy has switched a significant amount of its ETH holdings to sun. Over the past two weeks, Galaxy has transferred 65,600 ETH – or approx. $ 105 million – to binance and has drawn 752,240 sun (about $ 98.37 million).

Galaxy may have made the move because ETH is still in “structural decline” according to a recent note from Standard Chartered, reducing its target price at the end of the asset asset.

Data from an Arkham dashboard shows the company has $ 87.9 million ETH versus $ 23.86 million sun.

Galaxy did not immediately return a request for comment from Coindesk.

Market data shows that in the last month sun has increased by 8%, while ETH is down almost 20%.

Standard charter estimated in its note that Base has cut $ 50 billion from its market capital, but also argued that tokenized assets in the real world could help stabilize Ethereum.

Many blockchain metrics would support standard chartered’s thesis as transactions on Solana have rocked past Ethereum for the past three months.

A Klitdashboard shows that Decentralized Exchange (DEX) volume on Solana has moved past $ 500 billion in the last three months, while DEX volume at Ethereum is less than $ 400 billion. Active addresses in Solana are over 220 million, while Ethereum and Ethereum Layer-2 addresses are just over 80 million.

An idea first suggested by Trons Justin Sun to turn this “structural decline” of Ethereum has been a treasure on Layer-2s.

“All collected taxes will be used to repurchase ETH and burn it in a fully decentralized way,” he wrote on X. However, this idea has not been formalized to an Ethereum improvement proposal (EIP), which would be the first step in becoming a reality.

Meanwhile, flow data from Ether ETFS shows investors moving nearly $ 600 million out of these listed products in the last two months.