Galaxy Digital Deposits $80M of ETH to Binance and Coinbase

Galaxy Digital, a major institutional investor and asset manager in the cryptocurrency market, transferred approximately $80 million worth of Ethereum (ETH) to Binance and Coinbase over the past five days.

Lookonchain reported that these transfers, totaling roughly 58,000 ETH at the time of the transaction (approximately $92 million), occurred in multiple transactions since April 12th. A tweet from Lookonchain highlighted a deposit of 49,681 ETH ($79.37 million) into Binance and Coinbase within the preceding five days.

This significant ETH movement to exchanges suggests potential selling by Galaxy Digital, particularly amidst recent market inactivity. Ethereum's price has lagged behind other assets like Bitcoin, Solana (SOL), and XRP, which saw price increases earlier this year.

Currently trading near $1,592, ETH has repeatedly attempted to break the $1,600 resistance level without success. While a break above $1,600 could pave the way for a move towards $2,000, significant selling pressure remains, likely stemming from large investors unloading their holdings.