Galaxy Digital's Major Ethereum Sell-Off: 25,000 ETH Sent to Binance

# Galaxy Digital Transfers 25,000 Ethereum (ETH) to Binance Over Three Days, Sparking Minor Price Dip Galaxy Digital, a leader in digital asset financial services, transferred a substantial 25,000 Ethereum (ETH) to Binance over three days, highlighting the influence of institutional transactions on market dynamics. This significant move led to a slight price drop in Ethereum from $1,677 to $1,641 on April 14, demonstrating the impact of large asset movements on cryptocurrency price volatility. # Detailed Breakdown of Galaxy Digital’s Ethereum Transfers The company executed these transfers in two major transactions of 12,500 ETH each, with a total value of approximately $40 million. The first segment involved 2,500 ETH worth $4.05 million, followed by a second transfer of 10,000 ETH valued at $16.32 million. Before these, Galaxy Digital had already moved 4,500 ETH ($7.11 million) and 8,000 ETH ($12.63 million) on April 12. # Beyond Ethereum: Transfers of Tether, USDC, and Avalanche Beyond Ethereum, Galaxy Digital transferred 5 million Tether (USDT), 100,000 USD Coin (USDC), and Avalanche (AVAX) tokens worth $10 million to Binance. According to Arkham Intelligence, these transfers left Galaxy Digital with approximately 200 ETH ($328,000) and 18,150 AVAX ($363,000). The firm’s stablecoin holdings now stand at about $7.97 million, including 4.2 million DAI and 3.75 million USDC. # Surge in Ethereum Whale Activity On-chain analytics firm Lookonchain noted significant Ethereum whale activity during this period. An anonymous whale purchased 4,208 ETH, worth $6.87 million, on OKX through four wallets, and borrowed $4.85 million USDT from Aave to purchase more Ethereum. Another wallet withdrew 3,000 ETH ($4.92 million) from Kraken, moved it to Aave and Compound, and subsequently borrowed $3 million USDC, which was redeposited into Kraken. This uptick in transactions comes in the wake of the $200 million Luna (LUNA) market manipulation settlement involving multiple market players. Previously, the New York Attorney General accused Galaxy Digital of profiting from LUNA sales without proper disclosures. # Ethereum ETF Movements and Market Trends On April 15, Ethereum spot ETFs saw about $6 million in net outflows, driven mainly by $7.8 million in redemptions from Fidelity’s FETH. Conversely, 21Shares’ CETH recorded $1.8 million in net inflows. Ethereum has generally underperformed compared to Bitcoin (BTC) this market cycle, with the ETH/BTC pair dropping by 80% since its peak in 2022, reflecting Ethereum’s comparative weakness. # Analysts Predict Possible Ethereum Rebound Despite one of its weakest quarters in five years, where Ethereum prices dropped to $1,400 in Q1 2025, analysts foresee a potential rebound. Analyst Ali Martinez pointed out a bullish signal on Ethereum’s weekly chart via the TD Sequential Indicator, highlighting $1,546.55 as a crucial support level. Around 824,440 ETH has been accumulated at this level, indicating heightened market interest and the possibility of a price rally. Investors and market participants are advised to closely watch Ethereum’s price actions as market sentiment remains unpredictable.