In the world of cryptocurrency, few events capture the market’s attention like large institutional transfers. Galaxy Digital has recently made waves by moving over $40 million worth of Ethereum (ETH) to Binance. This move, which included multiple large ETH transactions, is stirring up the market and fueling speculations about Ethereum’s next price move.
Over the past three days, Galaxy Digital has transferred a total of 25,000 ETH to Binance, an action that has raised eyebrows across the crypto world. The first part of the transaction consisted of 2,500 ETH (approximately $4.05 million), followed by another 10,000 ETH (valued at $16.32 million). These massive moves came shortly after Galaxy Digital transferred 12,500 ETH in separate transactions on April 12, amounting to roughly $19.74 million.
The immediate market reaction was noticeable. Following the transfers, the price of Ethereum dropped from $1,677 on April 14 to $1,641, hinting that such significant institutional transfers can exert pressure on market prices.
But Ethereum wasn’t the only asset Galaxy Digital moved. Alongside ETH, the firm also transferred several other assets to Binance. These included 5 million USDT (Tether), 100,000 USDC (USD Coin), and around $1,000 worth of AVAX (Avalanche). In total, Galaxy Digital now holds around 200 ETH, valued at approximately $328,000, and 18,150 AVAX, worth around $363,000.
The firm also retains about $7.97 million in stablecoins, split between 4.2 million DAI and 3.75 million USDC, which could indicate that Galaxy Digital is positioning itself for more market movement, possibly anticipating further Ethereum price fluctuations.
Beyond Galaxy Digital’s moves, whale activity has been picking up as well. On April 14, Lookonchain reported that an anonymous whale purchased 4,208 ETH (worth around $6.87 million) from OKX using four different wallets. The same whale borrowed $4.85 million in USDT from Aave and deposited it back into OKX, likely in preparation for more ETH purchases.
Another recent whale move was tracked when a new wallet withdrew 3,000 ETH (valued at $4.92 million) from Kraken, then moved it to Aave and Compound. The wallet subsequently borrowed $3 million in USDC and sent the funds back to Kraken, pointing to possible further accumulation of Ethereum.
These large-scale movements highlight the growing interest in Ethereum, with whales actively participating in the market. This surge in activity could be a precursor to significant price shifts, possibly signaling a rebound for Ethereum in the near future.
The recent transfer activity follows Galaxy Digital’s involvement in a $200 million settlement related to market manipulation accusations tied to its LUNA holdings. In 2020, Galaxy Digital had promoted LUNA and secured a deal to purchase it at a discount. When LUNA’s price surged, the firm sold its holdings for large profits. However, the transactions were reportedly not disclosed properly, resulting in legal scrutiny from the New York Attorney General.
Despite these ongoing legal challenges, Galaxy Digital’s actions in the market have not slowed down, and the firm’s latest moves suggest it is still positioning itself strongly in the cryptocurrency space.
Ethereum’s performance against Bitcoin has been lackluster lately. On April 15, the Ethereum spot ETF saw a net outflow of around $6 million. Fidelity’s FETH ETF led the outflows with $7.8 million, while 21Shares’ CETH saw a net inflow of $1.8 million. This movement comes as Ethereum struggles to keep pace with Bitcoin, which has recently hit a new all-time high.
ETH’s underperformance is further reflected in its ETH/BTC trading pair, which has dropped by a staggering 80% since 2022. In Q1 2025, Ethereum suffered its worst quarter in five years, falling to $1,400 due to market pressures and declining investor sentiment.
Despite Ethereum’s recent struggles, there may still be hope for a price recovery. Crypto analyst Ali Martinez recently pointed out a potential rebound for Ethereum, highlighting a buy signal from the TD Sequential Indicator on the weekly chart.
Martinez also emphasized the $1,546.55 level as a crucial support point. At this price, around 822,440 ETH had previously been accumulated, making it an important area for price stability and a possible springboard for further gains.
As the price of Ethereum remains volatile, the ongoing whale activity and institutional moves indicate that large players are preparing for something big. Whether this signals a major price surge or a brief market correction, the coming weeks will be pivotal in determining Ethereum’s trajectory.
If Ethereum can find support at key levels and maintain momentum, we could see a potential price breakout, with some analysts predicting a surge above $3,000 by May 2025. However, given the fluctuating nature of the cryptocurrency market, investors will need to remain cautious while keeping an eye on the data.
In conclusion, while Galaxy Digital’s massive transfers and whale activity have generated significant attention, the key question remains: can Ethereum rebound and reclaim its strength in the market, or will it continue to struggle as other cryptocurrencies outperform? The next few weeks will likely provide the answers.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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