Galaxy Digital Moves $103M in Solana to Coinbase, Market Watches

Galaxy Digital has transferred a large amount of Solana to Coinbase over the past week. On-chain data shows the company deposited 500,000 SOL. That is valued at around $103 million during the last five days. Blockchain records from Arkham Intelligence confirm a series of large outflows from Galaxy Digital’s Fireblocks custody wallet

The transfers included multiple batches of 50,000 to 80,000 SOL. Each is worth nearly $10 million or more. The most recent move came just 11 hours ago. When 50,000 SOL is valued at about $9.9 million. It was deposited into Coinbase. Over the last few days, Galaxy shifted its holdings in stages. This suggests a planned approach rather than a single bulk transaction.

Current Holdings

Despite these deposits, Galaxy Digital still holds a range of crypto assets in its custody wallets. Data shows the firm maintains around 2,000 SOL. That is worth about $400,000. Along with other tokens such as PYUSD, POPCAT, JTO, and Helium. At the same time, the Solana transfer is significant. The company’s portfolio reflects a diverse approach to digital assets. The decision to send such a large sum to Coinbase has drawn attention. As it could indicate future selling activity or liquidity needs. Large transfers to exchanges often raise speculation about potential market impact.

Market Reaction

Traders are closely watching Solana’s price. This remains around $201 at the time of writing. Galaxy’s move could influence short-term sentiment. Especially as Solana continues to see high trading volumes across exchanges. Analysts note that institutional players like Galaxy Digital often adjust their positions. In response to broader market conditions. These moves can reflect profit-taking or preparation for future strategies. While no official statement has been made. The deposits highlight how active large firms remain in managing their holdings. Market participants will likely monitor Coinbase wallets in the coming days for further movement.

Broader Implications

Galaxy Digital’s transfer underscores the increasing role of major firms in shaping crypto markets. With access to large pools of capital. These companies can influence liquidity and investor confidence. The transactions also show how transparent blockchain records are. That allows the public to track major fund movements in real time. For investors, such visibility can provide clues about institutional behavior. It also shows potential market shifts. As Galaxy Digital continues to adjust its holdings. The attention will stay on whether more Solana flows into exchanges. Currently, the $103 million deposit remains one of the most notable movements in recent weeks.