Galaxy Digital Moves $40M in ETH — Whale Activity Spikes as Ethereum Eyes Rebound

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Galaxy Digital has recently moved 12,500 ETH to Binance, which marks its second largest transfer in the last three days. A similar deposit of 12,500 ETH was made on April 12. The firm has sent a total of 25,000 ETH worth over $40 million in the last three days.

Galaxy Digital moved the tokens in two separate transactions. First, 2,500 ETH worth $4.05 million, followed by 10,000 ETH valued at $16.32 million, both sent 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. Ether’s price dropped from $1,677 on April 14 to $1,641 after the latest deposit. This dip in price highlights how large institutional transfers could affect market prices.

Galaxy Digital Moves Millions in Crypto; Holds 8 million in stablecoins

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

Yesterday, lookonchain reported Ether whale movements as a mysterious whale purchased 4,208 ETH worth $6.87 million from OKX using 4 different wallets. Besides, the whale also borrowed 4.85 million USDT from Aave and deposited 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 Digital promoted LUNA and secured a deal to buy it at a discount. When the price of LUNA rose, the firm sold its holdings for huge profits but the transactions were not disclosed properly.

Ether ETF Record Outflows

On April 15, the Ethereum spot ETF experienced a net outflow of about $6 million. Fidelity’s FETH led the outflow with $7.8 million, while 21Shares’ CETH saw a net inflow of $1.8 million as per data from Sosovalue .

Notably, Ether has struggled to keep up this market cycle. Although Bitcoin reached a new all-time high, Ether did not show similar gains. Infact, the ETH/BTC trading pair has dropped by 80% since 2022, which highlights its underperformance relative to Bitcoin.

Analyst Signals Potential Rebound for Ether

It had its worst quarter in five years in Q1 2025, dropping to $1,400 due to market downturns. However, analyst Ali Martinez has highlighted a positive sign on the price chart which could suggest a potential rebound. He shared that Ether might be preparing for a big rebound as the TD Sequential Indicator on the weekly chart is showing a buy signal.

He has also identified $1,546.55 as a key support level for Ethereum where 822,440 ETH were previously accumulated, noting it as a crucial level to watch closely.