Galaxy Digital Moves $40M in Ethereum After Legal Settlement
Galaxy Digital, the crypto investment firm headed by Michael Novogratz, has made a series of large Ethereum transfers to Binance, totaling more than $40 million over a three-day span.
The timing has raised eyebrows, coming just after the company settled a high-profile legal dispute.
Blockchain records show several sizable ETH transactions to Binance: 2,500 ETH worth over $4 million and another 10,000 ETH worth roughly $16 million were moved most recently. Prior to that, Galaxy transferred 4,500 and 8,000 ETH, collectively worth around $20 million. The price of Ethereum dipped during the activity, sliding from $1,675 to $1,643.
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In addition to Ethereum, Galaxy also sent out millions in stablecoins, including $5 million in USDT and smaller amounts of USDC and AVAX, suggesting a broader portfolio reshuffle. According to Arkham Intelligence, the company’s remaining holdings in ETH and AVAX have significantly decreased, though it still retains around $8 million in DAI and USDC reserves.
These movements come shortly after Galaxy Digital agreed to pay $200 million to resolve allegations tied to LUNA token trading. Prosecutors accused the firm of profiting from undisclosed deals involving early access to LUNA tokens, which were later sold as prices surged.
Traders and analysts are now watching Galaxy’s activity closely. While the company has not commented on the motive behind the transfers, some speculate it could be part of post-settlement rebalancing. Others aren’t ruling out the possibility of a more strategic shift in the firm’s crypto exposure, especially given the broader market’s sensitivity to large institutional moves.
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.
