Galaxy Digital Transfers 62,181 Ethereum Worth $99.46 Million to Exchanges
Galaxy Digital transferred 62,181 Ethereum, valued at approximately $99.46 million, to exchanges including Binance over six days, starting April 12. This series of transactions has raised speculation regarding the firm's intentions.
Key Transfer Details
- Largest transfer: 12,500 Ethereum ($20 million) sent to Binance on April 17.
- Subsequent transfers: 49,681 Ethereum (~$79 million) sent to Binance and Coinbase.
- Historical trends indicate large transfers often precede potential sales, impacting market sentiment.
Galaxy Digital manages $10 billion in assets, including Ethereum and stablecoins. The reason for these moves remains unclarified, leading to varied interpretations among traders:
- Some believe the firm may sell its Ethereum, potentially pressuring prices.
- Others suggest a portfolio adjustment in response to market changes.
Ethereum's current price is $1,586.07, down 0.65% in the past 24 hours, with a market cap of $191.42 billion. Market volatility remains high.
The cryptocurrency community anticipates the upcoming Pectra upgrade on the Ethereum mainnet, scheduled for May, following the Holesky Testnet finality. Additionally, Vitalik Buterin proposed a roadmap aimed at enhancing privacy on Ethereum Layer-1.