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.