Galaxy Digital Makes Big Ethereum Moves Amid Market Changes
Recent data highlights intriguing movements within the Ethereum ecosystem, particularly involving Galaxy Digital, a prominent institutional player.
Reports suggest a deliberate reduction of Ethereum holdings by the company, with a substantial portion being transferred to Binance, resulting in significant fiat conversions.
This aligns with a period where Ethereum’s value witnessed an 8% decline in the past week. Recent data hinted at a sizeable deposit of 11,200 ETH, valued at $24 million, marking one instance in a series of recent sales by the company. Accumulatively, Galaxy Digital has liquidated approximately 31,437 ETH, amounting to an estimated $71 million.
Notably, recent activities in Ethereum transactions have been observed, including a substantial withdrawal of 60,000 ETH (approximately $131.76 million) from Bitfinex. This was accompanied by collateralizing 58 million DAI from Maker, converting it to 58 million USDC, and subsequently depositing it into Binance.
READ MORE: FTX Bankruptcy Sparks Debate Over Crypto Values
Whale Alert, a renowned cryptocurrency tracker, flagged multiple large-scale Ethereum transfers across exchanges, collectively worth nearly $119 million.
Despite a recent surge, Ethereum faced a significant downturn over the weekend. ETH is currently trading at $2,140. These market fluctuations underscore the intricate strategies and active participation of major entities within the Ethereum sphere amidst ongoing price volatility.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
