Galaxy Digital Withdraws $95 Million in SOL from Exchanges – Coincu

Galaxy Digital withdrew approximately $95 million of Solana (SOL) from crypto exchanges in the last seven days, according to a PANews report on April 21.

The large-scale withdrawal indicates Galaxy Digital’s investment confidence in Solana, impacting market liquidity and potentially increasing SOL’s price.

Galaxy Digital’s $95 Million SOL Withdrawal from Exchanges

Galaxy Digital, a major player in cryptocurrency, withdrew 123,058 SOL (around $17.1 million) from Binance. This adds to $95 million removed in one week, showing substantial institutional backing for Solana’s ecosystem. Their action reflects strategic interest in long-term holdings, reducing sell-side pressure.

The withdrawal led to reduced market liquidity, affecting SOL’s trading dynamics. Signals confidence in network performance, possibly boosting price and staking returns. Stake activity is positively correlated with network robustness and investor sentiment.

Despite no immediate statements from key figures, the broader crypto community views this as supportive of Solana, highlighting potential for growth and stability. Solana’s robust ecosystem visibility increases, sparking momentum in developer and institutional interest. Now, more than ever, Galaxy Digital’s strategic moves demonstrate this potential. As Michele E. M., Analyst at Galaxy Digital, noted, “The withdrawal of SOL highlights our confidence in Solana’s network stability and growth potential. We believe in staking as a strategy for long-term value.”

Market Performance and Institutional Confidence in Solana

Did you know? In 2024, Galaxy Digital acquired a significant amount of SOL from FTX, consistently demonstrating strong institutional support for the network, leading to reduced market volatility and enhanced confidence among stakeholders.

As of April 21, 2025, Solana (SOL) is trading at $138.76 with a market cap of $71.72 billion and a 24-hour volume of $3.31 billion, reporting a 1.44% price increase. This follows a weekly gain of 6.97%, data from CoinMarketCap indicates.

The Coincu research team notes that Galaxy Digital’s Solana support could lead to increased network stability and incentivize developer contributions. Institutional stake increases could drive Solana’s ecosystem growth, offering a buffer amid market fluctuations and technological advancements.