- Galaxy Digital bought a large amount of Ethereum from Coinbase Prime and Binance,.
- It is worth about $76 million, showing its bullish outlook on crypto.
Galaxy Digital, an investment firm founded by Mike Novogratz, has purchased a huge quantity of Ethereum (ETH) from two major crypto exchanges, Coinbase Prime and Binance. The transaction, worth about $76 million, shows Galaxy Digital’s bullish outlook on Ethereum and its future potential.
Galaxy Digital withdrew around 26,000 ETH from Coinbase Prime and Binance, which amounts to roughly $76.2 million at the current market price. This is a significant acquisition of Ethereum, which demonstrates Galaxy Digital’s confidence in the crypto and its alignment with the wider market sentiment.
This transaction is a part of a wider pattern of major trends in the Ethereum market, not a single incident. Another example is the $14,000 ETH (almost $41 million) that was transferred from Coinbase Institutional to an anonymous wallet.
Whale Alert, a service that monitors significant cryptocurrency transactions, discovered this transaction. These changes suggest that institutional and large-scale investors are quite active and interested in Ethereum.
Ethereum’s Market Performance
The timing of Galaxy Digital’s and other businesses’ investments coincides with Ethereum’s strong market performance. At the moment, the price of Ethereum is about $2,908, indicating a 0.88% gain over the previous day. It also demonstrates a noteworthy increase of 17.68% over the past month. This indicates that investors are quite confident in the stability and worth of the cryptocurrency.
The fact that Galaxy Digital and other investors have accumulated a significant amount of Ethereum implies that they view the platform not only as a means of facilitating smart contracts and decentralized apps (dApps), but also as a whole. With several projects and activities developed on its network, Ethereum is the frontrunner in the blockchain and cryptocurrency field as a platform for growth and innovation.
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