Galaxy Digital transferred 25,000 ETH (over $40 million) to Binance, marking significant whale activity. Other transactions included stablecoins and AVAX tokens. Additionally, analyst predictions indicate a potential rebound for Ethereum despite recent market struggles, with a critical support level identified at $1,546.55.
Galaxy Digital has made significant moves in the last three days, transferring a total of 25,000 ETH (valued over $40 million) to the Binance exchange. This includes two distinct transactions: 2,500 ETH worth approximately $4.05 million and 10,000 ETH valued at about $16.32 million. Earlier, on April 12, another 12,500 ETH was transferred in similar large transactions, indicating notable whale activity in the Ethereum market.
Moreover, apart from the movement of ETH, Galaxy Digital deposited an additional 5 million USDT, 100,000 USDC, and AVAX tokens worth around $1,000 into Binance. Current holdings as per Arkham Intelligence indicate the firm retains around 200 ETH and 18,150 AVAX, alongside $7.97 million in stablecoins, split between DAI and USDC.
In recent whale activities, a notable purchase was made by a mysterious entity acquiring 4,208 ETH (valued at $6.87 million) from OKX, which involved borrowing 4.85 million USDT from Aave. Other notable transactions included a new wallet withdrawing 3,000 ETH and engaging in further borrowing and deposits related to Aave and Kraken, suggesting a strategic interest in acquiring more ETH.
These transactions come in the wake of a $200 million settlement regarding LUNA market manipulation, where Galaxy Digital faced allegations of improper disclosure related to LUNA trades made in 2020. The firm secured a bargain deal on LUNA and subsequently profited from its sale without appropriately notifying stakeholders.
On April 15, Ethereum spot ETFs reported a net outflow of $6 million, particularly led by Fidelity’s FETH. The overall underperformance of Ether has been notable, especially compared to Bitcoin’s growth, with the ETH/BTC trading pair dropping by 80% since 2022.
Nonetheless, analysts suggest a potential rebound for Ether. Following a difficult Q1 in 2025, downturns have prompted interest in bullish indicators observed through the TD Sequential Indicator, suggesting a buy signal. Key support for Ethereum is observed at $1,546.55, where historical accumulation of 822,440 ETH occurred, making it vital for future price movements.
