Galaxy Digital transferred 25,000 Ethereum tokens to Binance worth over $40 million in just 72 hours. This occurred after the company settled a significant lawsuit regarding market manipulation involving LUNA tokens. Large institutional trades like these often influence market prices, and Galaxy’s remaining holdings have significantly declined, heightening market scrutiny of their intentions.
Galaxy Digital, helmed by Michael Novogratz, has transferred 25,000 Ethereum tokens, totalling over $40 million, to Binance within a 72-hour period. This transaction follows the resolution of a significant market manipulation lawsuit, raising questions about market responses and trading behaviours in the cryptocurrency ecosystem.
The Ethereum transfer involved a series of transactions to Binance, the most recent being 2,500 ETH valued at approximately $4.05 million and another 10,000 ETH worth about $16.32 million. Earlier rounds included transfers of 4,500 ETH and 8,000 ETH on April 12, totalling $19.74 million, leading to an observable decline in Ethereum’s price during this activity.
Currently, Ethereum is trading at around $1,643, down from $1,675, with analysts noting that large trades can substantially impact market prices. Alongside Ethereum, Galaxy Digital also executed substantial transfers of stablecoins, including $5 million in USDT and other tokens such as USDC and Avalanche’s AVAX.
Post these transfers, Galaxy Digital’s remaining holdings have dwindled significantly, with only about 199,790 ETH and 18,150 AVAX tokens left. Their stablecoin reserves hover around $8 million.
The timing of these transactions is especially noteworthy, following Galaxy Digital’s settlement of a $200 million lawsuit related to the trading of LUNA tokens, suggesting potential motivations behind the sudden movement of assets. Observers remain keenly attuned to market responses from institutional investors like Galaxy, questioning whether these actions indicate normal portfolio rebalancing or an intention to divest from Ethereum significantly.
