Galaxy Digital Has Moved 25,000 ETH Worth Over $40M to Binance

Galaxy Digital has recently moved 12,500 ETH to Binance, which marks its second largest transfer in the last three days.

Galaxy Digital, the crypto behemoth founded by billionaire Mike Novogratz, has recently made a massive deposit of 12,500 ETH to Binance, marking its second largest transfer in the last three days.

According to data from Arkham Intelligence, the firm’s latest deposit comes after a similar sum of 12,500 ETH was credited to Binance on April 12. In total, Galaxy Digital has sent 25,000 ETH worth over $40 million to Binance in the last three days. The tokens were moved in two separate transactions. First, 2,500 ETH worth $4.05 million were sent to Binance. Later, another 10,000 ETH valued at $16.32 million were credited to Binance.

On April 12th, 4,500 ETH worth $7.11 million and 8,000 ETH worth $12.63 million were sent to Binance in two separate transactions.

Following the latest deposit, Ether’s price dropped from $1,677 to $1,641. This substantial dip in price could be linked to the large institutional transfers, which might be impacting market prices.

Besides the ETH deposits, Galaxy Digital also moved 5 million USDT to Binance, along with 100,000 USDC and $1,000 work of AVAX. After the recent transfers, the firm now holds about 200 ETH worth $328,000 and 18,150 AVAX worth $363K, Arkham data shows. The firm still holds $7.97 million in stablecoins - 4.2 million in DAI and 3.75 Million in USDC.

Yesterday, lookonchain reported that a mysterious Ether whale purchased 4,208 ETH worth $6.87 million from OKX using 4 different wallets. Besides, the whale borrowed 4.85 million USDT from Aave and deposited it into OKX, likely to buy more Ethereum.

In a latest update from Lookonchain, a new wallet recently withdrew 3,000 ETH ($4.92M) from Kraken, then moved it to Aave and Compound. The wallet borrowed 3M USDC and deposited it back into Kraken, likely to purchase more ETH.

The crypto movements come after a $200 million settlement in the LUNA market manipulation case. Notably, the New York Attorney General had accused the firm of selling its LUNA holdings without proper disclosure.

In 2020, Galaxy promoted LUNA and secured a deal to buy it at a discount. When the price of LUNA rose, Galaxy sold its holdings for huge profits but the transactions were not disclosed properly.

The case arose after a complaint filed in April 2023. According to the complaint, Galaxy failed to disclose its role as a market maker for LUNA tokens to market counterparties during a private placement in 2021.

The firm also allegedly sold large quantities of LUNA without disclosing its actions to the other market counterparties, actions that the New York Attorney General said may have influenced the market price of LUNA.