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.
READ MORE: Price Oracle Manipulation Forces DEX to Go Offline in $7.5M Breach
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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
