In the grand theater of the crypto world, behold the spectacle of Galaxy Digital, a titan among institutional investors, who has recently orchestrated a dazzling transfer of nearly $80 million worth of Ethereum (ETH) to the hallowed halls of Binance and Coinbase. A mere five days, and voilà! A fortune in digital coins has danced its way to the exchanges.
As chronicled by the ever-watchful Lookonchain, this financial ballet began on the 12th of April, with Galaxy Digital sending ETH in a flurry of transactions. To date, they have dispatched approximately 58,000 ETH, a staggering sum that, at the time, was valued at a cool $92 million. Talk about a crypto conga line!
Galaxy Digital deposited 49,681 $ETH ($79.37M) into #Binance and #Coinbase in the past 5 days.
— Lookonchain (@lookonchain) April 17, 2025
Yet, as the market’s fervor has dimmed like a flickering candle, this transfer hints at a potential sell-off from the asset manager. The specter of selling pressure looms large over ETH, which has been dragging its feet while Bitcoin, SOL, XRP, and their merry band of crypto companions have been gallivanting to new heights earlier this year. Oh, the irony!
As I pen these words, ETH finds itself trading at a modest $1,592, desperately attempting to breach the elusive $1,600 barrier. Alas, it has faltered time and again, like a clumsy dancer on a grand stage. Should it finally muster the strength to leap above this threshold, a path to $2,000 may await, but beware! The shadows of significant selling pressure loom, as large investors continue to offload their burdens. What a tangled web we weave in this digital age!
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2025-04-17 13:46