Galaxy Digital Moves 49,681 ETH to Binance and Coinbase

On April 17, 2025, the cryptocurrency community witnessed a significant movement in Ethereum (ETH) as Galaxy Digital deposited a total of 49,680 ETH

The cryptocurrency market continues to display interesting trends, especially with the activity of institutions. Notably, Galaxy Digital has been a subject of interest for its on-chain movements.

According to Lookonchain, a trusted on-chain data analysis provider, Galaxy Digital deposited a total of 49,681 ETH, valued at approximately $79.37 million, into Binance and Coinbase over the span of five days. These deposits were split evenly, with 24,840 ETH going to Binance and 24,841 ETH going to Coinbase. The timing of these deposits is as follows:

* The first batch of 9,968 ETH arrived at Binance on April 11, followed by another 9,968 ETH batch on April 12.

* Two batches of 9,968 ETH went to Coinbase on April 11 and April 12, respectively.

* Finally, two batches of 9,968 ETH went to Binance and Coinbase on April 13.

These large-scale ETH deposits may signal Galaxy Digital’s strategic positioning ahead of potential market shifts or liquidity requirements. The actions suggest that the institution is actively adjusting its Ethereum holdings across major exchanges.

Interestingly, the price of Ethereum saw immediate effects following these significant deposits. On April 15, the price on Binance increased by 1.2% within the first hour after the final deposit, moving from $1,598 to $1,617. On Coinbase, the price similarly surged by 1.1%, moving from $1,597 to $1,615 within the same timeframe. This price uptick was accompanied by an increase in trading volume, with Binance seeing 1.2 million ETH traded and Coinbase recording 1.1 million ETH traded in the 24 hours following the deposits.

suggesting growing market interest and institutional activity.

Several technical indicators also highlight a potential bullish outlook for Ethereum on April 16. The Relative Strength Index (RSI) saw a surge from 55 to 62, indicating strong buying pressure. Moreover, the MACD crossed above the signal line, a bullish indicator that suggests the rate of change in the asset’s price is increasing.

Network activity also saw a boost, with active addresses on the Ethereum network showing an uptrend, suggesting more user engagement with the blockchain. Additionally, the total value locked (TVL) in DeFi protocols saw an increase, signaling more liquidity and activity within the decentralized finance ecosystem on the Ethereum network.

During this period, the cryptocurrency market saw increased volatility, with Bollinger Bands widening by 5% on April 16, signaling potential for significant price swings. The increased trading volume and price fluctuation demonstrate heightened market interest in Ethereum, particularly from institutional investors.

While no direct AI-related developments were observed to influence Ethereum’s market activity, the overall positive sentiment in the S&P 500 AI Index, which rose by 2% on April 16, could indirectly support Ethereum’s bullish outlook. As AI continues to play an increasing role in global markets, crypto traders and investors are closely watching how advancements in AI might impact sentiment and market trends.