16-4-2025 – Galaxy Digital, a prominent player in the cryptocurrency arena, has sparked intrigue with a flurry of substantial Ethereum (ETH) transfers to Binance, totalling 25,000 ETH over three days. Valued at more than $40 million, these transactions rank among the firm’s most significant in recent times. The latest manoeuvre unfolded in two stages: an initial shift of 2,500 ETH, worth approximately $4.05 million, followed swiftly by a heftier 10,000 ETH, valued at $16.32 million. Just days prior, on April 12, Galaxy executed similar moves, dispatching 4,500 ETH ($7.11 million) and 8,000 ETH ($12.63 million) to the same exchange. The market appeared to feel the weight of these transfers, with Ethereum’s price dipping from $1,677 on April 14 to $1,641 soon after, hinting at the ripple effect of such institutional activity.
Beyond Ethereum, Galaxy’s portfolio shuffle extended to other assets. The firm funnelled $5 million in USDT, $100,000 in USDC, and roughly $1,000 worth of AVAX to Binance. Arkham Intelligence data reveals that Galaxy now holds a modest 200 ETH, worth about $328,000, alongside 18,150 AVAX, valued at approximately $363,000. Its stablecoin reserves stand at $7.97 million, split between $4.2 million in DAI and $3.75 million in USDC, reflecting a diversified yet cautious stance.
The broader Ethereum ecosystem is abuzz with whale activity. On April 14, Lookonchain reported a cryptic whale snapping up 4,208 ETH—worth $6.87 million—from OKX across four wallets. This same entity borrowed $4.85 million in USDT from Aave, redirecting it to OKX, likely to bolster its Ethereum haul. Another wallet, newly active, withdrew 3,000 ETH ($4.92 million) from Kraken, channelled it through Aave and Compound, borrowed $3 million in USDC, and returned it to Kraken—moves suggestive of strategic accumulation.
Ethereum’s struggles, however, remain stark. The first quarter of 2025 marked its bleakest in half a decade, with prices tumbling to $1,400 amid faltering investor confidence. The ETH/BTC trading pair has plummeted 80% since 2022, underscoring Ethereum’s lag behind Bitcoin, which recently soared to a new peak. On April 15, Ethereum spot ETFs recorded a net outflow of $6 million, driven by a $7.8 million exit from Fidelity’s FETH, though 21Shares’ CETH bucked the trend with a $1.8 million inflow, per Sosovalue data.
Yet, glimmers of optimism emerge. Analyst Ali Martinez has flagged a potential upturn, pointing to a buy signal on the TD Sequential Indicator’s weekly chart. He identified $1,546.55 as a critical support level, where 822,440 ETH were previously amassed, making it a pivotal threshold for traders to monitor. Meanwhile, Galaxy Digital’s recent moves carry echoes of past scrutiny, following a $200 million settlement linked to the LUNA market manipulation case. In 2020, the firm championed LUNA, securing discounted purchases and later reaping substantial profits from sales that allegedly lacked proper disclosure, drawing the ire of the New York Attorney General.