Galaxy Digital investment company, led by Michael Novogratz, recently transferred 25,000 Ethereum (ETH) to the Binance exchange. This significant transfer, worth over $40 million, comes shortly after resolving a market manipulation case. According to blockchain data, Galaxy Digital had several separate transactions to Binance, including transferring 2,500 ETH worth $4.05 million and another 10,000 ETH worth $16.32 million. Prior to this, on April 12, 4,500 ETH equivalent to $7.11 million and 8,000 ETH equivalent to $12.63 million were transferred to Binance. Meanwhile, Ethereum’s price has decreased from $1,675 on April 14 to $1,575. Analysts believe such heavy institutional transactions can significantly influence market behavior. Galaxy Digital has not only confined to Ethereum but also transferred substantial amounts of stablecoins, including 5 million USDT, 100,000 USDC, and 1,000 AVAX to Binance. According to Arkham platform data, following these transfers, Galaxy Digital’s remaining digital assets include 199,790 ETH (approximately $328,476), 18,150 AVAX (approximately $363,181), and a total of $8 million in stablecoins. These heavy movements followed Galaxy’s agreement to pay $200 million to settle a New York case related to Luna transactions. Galaxy’s accusation in this case was selling Luna tokens without public disclosure. Some analysts find the timing of these transfers significant and suggest it’s unclear whether this action was solely for portfolio realignment or a sign of gradual distancing from Ethereum.
