Galaxy Digital swaps $106.5M worth of ETH for Solana, signaling concerns about Ethereum's market outlook.
Ethereum's dominance in the cryptocurrency market has dropped below 7% - the lowest it has ever been.
Institutional investors are pulling out of Ethereum, with eight consecutive weeks of net outflows from U.S.-based ETH exchange-traded funds.
Solana is gaining momentum as an alternative to Ethereum, with increasing decentralized finance (DeFi) activity and the potential to surpass Ethereum in market cap.