Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Massive Ethereum Move: Galaxy Digital Sends $40 Million To Binance In 72 Hours

Share This Post

Galaxy Digital, the cryptocurrency investment company led by Michael Novogratz, has sent 25,000 Ethereum tokens to Binance exchange in the last three days.

The huge transfer of digital assets, which amounts to more than $40 million, occurs just a short while after the company resolved a large market manipulation lawsuit.

Huge Ethereum Transfers Raise Market Questions

Based on blockchain information, Galaxy Digital initiated a series of individual transactions to Binance. The latest move involved 2,500 ETH worth $4.05 million and an additional 10,000 ETH worth $16.32 million.

These were preceded by previous transfers on April 12, when the company moved 4,500 ETH ($7.11 million) and 8,000 ETH ($12.63 million) to the same platform.

Ethereum price fell during the activity. It retreated from $1,675 on April 14 to $1,63 when this report was made. Market analysts indicate that, especially during a very small time frame, such bulky institutional trades can really influence trading behavior and market prices.

The company didn’t stop at Ethereum, though. According to transaction records, Galaxy Digital also transferred large amounts of stablecoins to Binance, such as 5 million in USDT. Another 100,000 USDC and $1,000 in Avalanche (AVAX) tokens were moved by the firm.

Intelligence platform Arkham data indicates that after these transfers, Galaxy Digital’s remaining positions have fallen significantly. The company now owns only 199.790 ETH (equivalent to around $328,476) and 18,150 AVAX tokens (equivalent to around $363,181). Their stablecoin reserves consist of 4.200 million DAI and 3.750 million USDC, which is close to $8 million.

Recent Legal Settlement Shadows Trading Activity

The timing of these huge crypto transactions comes on the heels of Galaxy Digital’s recent legal issues. The company agreed to pay $200 million to resolve a case with the New York Attorney General over LUNA token trading.

Prosecutors alleged that Galaxy Digital had marketed LUNA after locking in a deal to buy the tokens at discounted rates in 2020. As the price of LUNA rose, the firm supposedly dumped its holdings without disclosure, making hundreds of millions of dollars in profits.

Market Watchers Monitor Institutional Behavior

Such mass movements have drawn the interest of market observers in the crypto market. When an institutional investor such as Galaxy moves such massive sums so suddenly, it tends to spur wider market responses.

Some analysts claim the timing immediately after a high-profile legal settlement to be perhaps significant. Whether this indicated normal portfolio rebalancing or a more measured departure from Ethereum remains unclear.

Featured image from Pixabay, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Monero and Zcash Light up the Charts as Privacy Coins Quietly Hit $10B

While leading digital assets such as bitcoin, ethereum, BNB, and solana have momentarily paused their momentum toward the end of the weekend, privacy-centric cryptocurrencies have quietly regained

Ethereum SOPR Signals Strength, Suggests More Upside Ahead – Details

Amid a general crypto market uptrend, Ethereum (ETH) has registered a significant price gain over the past months Since Bitcoin embarked on a market rebound in early April, ETH has followed suit,

Behind the Curtain: Inside the Top Hedge Funds Loading up on IBIT and FBTC

The latest data shows that after this week’s spot bitcoin exchange-traded fund (ETF) inflows, Blackrock’s IBIT has amassed 655,57077 BTC, while Fidelity’s FBTC accounts for 200,71272 BTC At the

Latam Insights: Milei Dissolves Libra’s Investigation, Colombian CBDC Comes out of Stealth

Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week In this week’s edition, Argentine President Javier Milei dissolves the group

Ethereum Bullish Pattern Points To Immediate $3,000 Target – Details

The Ethereum market price rose by a net 316% in what proved to be another historic week for the crypto market as Bitcoin registered a new all-time high price Notably, the prominent altcoin has

Bitcoin And Ethereum Decoupling Reaches Historic Point — What This Means For Investors

It’s no secret that Ethereum’s performance has been tame compared to Bitcoin since the start of this cycle However, this trend became most apparent at the start of the year when