Galaxy Digital Transfers $40 Million in Ethereum to Binance Amid Market Turbulence

Galaxy Digital moved 25,000 ETH worth over $40 million to Binance in 72 hours, coinciding with a significant dip in Ethereum’s price. This occurred alongside a $200 million settlement related to prior market manipulation allegations. Analysts express concern over market impacts from these large transactions. Ethereum’s recent trading reveals instability, with expectations for possible support at $1,558 amidst current downward trends.

Galaxy Digital, led by Michael Novogratz, has executed a substantial transfer of 25,000 Ethereum tokens, equating to over $40 million, to Binance in just three days. This transaction follows the firm’s recent agreement to a $200 million settlement to resolve allegations of market manipulation linked to LUNA token dealings.

Blockchain data reveals multiple significant transfers to Binance, including 2,500 ETH for $4.05 million, 10,000 ETH for $16.32 million, 4,500 ETH for $7.11 million, and 8,000 ETH for $12.63 million. An additional 12,500 ETH worth approximately $20.36 million completed the staggering transfer within 72 hours.

Concurrently, Ethereum’s price declined from $1,675 to $1,641 amid these transfers, prompting concerns from analysts over potential market impacts. In addition, Galaxy Digital moved substantial amounts of stablecoins and Avalanche (AVAX) tokens, leaving them with approximately 200 ETH and 18,150 AVAX tokens.

These transfers occur just after Galaxy Digital’s $200 million settlement over a lawsuit alleging profitable market manipulation from LUNA trading. The rationale behind these large Ethereum transactions is uncertain and has spurred speculation within the crypto community regarding the firm’s investment strategy.

At present, Ethereum has seen price fluctuations, starting at $1,625 before encountering resistance at $1,648. After a series of corrections and a brief upward movement, Ethereum dropped to $1,610 and continued downward to $1,558, showing oversold conditions on the RSI indicator.

Currently priced at $1,578, Ethereum faces challenges in maintaining momentum for upward movement due to insufficient buying pressure. If it sustains above the $1,558 support level, there is potential for positive news, although threats of a bear market linger if it drops further.