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Ethereum

Massive Ethereum Move: Galaxy Digital Sends $40 Million To Binance In 72 Hours

Christian Encila
by Christian Encila
4 months ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Galaxy Digital, the cryptocurrency investment company led by Michael Novogratz, has sent 25,000 Ethereum tokens to Binance exchange in the last three days.

The huge transfer of digital assets, which amounts to more than $40 million, occurs just a short while after the company resolved a large market manipulation lawsuit.

Related Reading: Crypto Goes Continental: 33% Of French Catch The Bug, Italians Go Full Bull

Huge Ethereum Transfers Raise Market Questions

Based on blockchain information, Galaxy Digital initiated a series of individual transactions to Binance. The latest move involved 2,500 ETH worth $4.05 million and an additional 10,000 ETH worth $16.32 million.

These were preceded by previous transfers on April 12, when the company moved 4,500 ETH ($7.11 million) and 8,000 ETH ($12.63 million) to the same platform.

Ethereum price fell during the activity. It retreated from $1,675 on April 14 to $1,63 when this report was made. Market analysts indicate that, especially during a very small time frame, such bulky institutional trades can really influence trading behavior and market prices.

Galaxy Digital deposited another 12,500 $ETH($20.36M) to #Binance 5 hours ago.

That’s 25,000 $ETH($40M+) moved to #Binance in just 3 days.https://t.co/owM3zRHpAx pic.twitter.com/tBtHImGwwO

— Lookonchain (@lookonchain) April 15, 2025

The company didn’t stop at Ethereum, though. According to transaction records, Galaxy Digital also transferred large amounts of stablecoins to Binance, such as 5 million in USDT. Another 100,000 USDC and $1,000 in Avalanche (AVAX) tokens were moved by the firm.

Intelligence platform Arkham data indicates that after these transfers, Galaxy Digital’s remaining positions have fallen significantly. The company now owns only 199.790 ETH (equivalent to around $328,476) and 18,150 AVAX tokens (equivalent to around $363,181). Their stablecoin reserves consist of 4.200 million DAI and 3.750 million USDC, which is close to $8 million.

ETHUSD trading at $1,643 on the 24-hour chart: TradingView.com

Recent Legal Settlement Shadows Trading Activity

The timing of these huge crypto transactions comes on the heels of Galaxy Digital’s recent legal issues. The company agreed to pay $200 million to resolve a case with the New York Attorney General over LUNA token trading.

Related Reading: Crypto Relief: SEC Abandons Case Against Nova Labs—Details

Prosecutors alleged that Galaxy Digital had marketed LUNA after locking in a deal to buy the tokens at discounted rates in 2020. As the price of LUNA rose, the firm supposedly dumped its holdings without disclosure, making hundreds of millions of dollars in profits.

Market Watchers Monitor Institutional Behavior

Such mass movements have drawn the interest of market observers in the crypto market. When an institutional investor such as Galaxy moves such massive sums so suddenly, it tends to spur wider market responses.

Some analysts claim the timing immediately after a high-profile legal settlement to be perhaps significant. Whether this indicated normal portfolio rebalancing or a more measured departure from Ethereum remains unclear.

Featured image from Pixabay, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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