Galaxy Digital Deposits 49,681 ETH Worth Nearly $80 Million into Exchanges
Ethereum deposits from Galaxy Digital reached 49,681 ETH, valued at nearly $80 million, sent to Binance and Coinbase between April 12 and 17. The funds originated from Galaxy's over-the-counter wallet, which retains $11.8 million in various crypto assets.
- Potential market sentiment impact due to large exchange deposits may lead to selloffs.
- Galaxy Digital's total crypto holdings stand at $538.6 million, primarily in Bitcoin ($329 million), Ethereum ($89.5 million), USDT ($36.2 million), and USDC ($29.7 million).
- Possible further exchange deposits and selloffs indicated by current movements.
- Galaxy Ventures raised $150 million for early-stage crypto startups, with plans to increase the fund by an additional $25 million to $30 million.
- Signed a 200-megawatt deal with CoreWeave to convert its Texas mining site for AI-related GPUs.
The price of Ethereum is influenced by broader crypto market trends. It has struggled to surpass the $2,000 mark recently. Following whale movements that initially increased Ethereum's price from around $1,550 to $1,700, recent selloffs have pushed it below $1,600. Further selling triggered by Galaxy Digital could drive prices under the $1,550 support level. Additionally, US-based spot ETH exchange-traded funds reported outflows totaling $12.1 million since April 7.