Galaxy Digital, a major player in the crypto world, has transferred 25,000 ETH (worth over $40 million) to the cryptocurrency exchange Binance. This transfer took place over the past three days and has caught the attention of many in the industry.
The transfer was made in two parts. The first part involved 2,500 ETH (valued at $4.05 million), followed by another 10,000 ETH (valued at $16.32 million). Both amounts were sent to Binance.
In addition to the ETH transfers, Galaxy Digital also moved other assets to Binance. This included 5 million USDT, 100,000 USDC, and about $1,000 worth of AVAX.
The movement of such large amounts of funds by Galaxy Digital has caused some fluctuations in the price of Ethereum. Following the latest transfer, the price of Ethereum dropped from $1,677 to $1,641.
Not only is Galaxy Digital making significant transfers, but whale activity around Ethereum has also increased. Mysterious whales have been making large purchases of ETH and borrowing USDT to potentially buy even more Ethereum.
These movements come after Galaxy Digital recently settled a $200 million dollar case related to market manipulation. The company was accused of selling its LUNA holdings without proper disclosure.
Despite recent challenges, there are signs of a potential rebound for Ethereum. Crypto analyst Ali Martinez has pointed out a buy signal from the TD Sequential Indicator on the weekly chart, indicating a possible price increase. The key support level to watch is $1,546.55, where a significant amount of ETH has been accumulated.
In conclusion, Galaxy Digital’s transfers and the increase in whale activity around Ethereum have caused some fluctuations in the market. However, there are indications of a potential rebound for Ethereum in the near future.
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