Meta description: Galaxy Digital moved 25,000 ETH to Binance over three days while whales accumulate heavily. Ethereum loses ground, but analysts predict a possible rebound.
The Ethereum market is once again in the spotlight after Galaxy Digital transferred over $40 million worth of ETH to Binance. The move coincided with increased activity from large investors (a.k.a. “whales”) and a drop in ETH’s price. Analysts are now predicting a possible rebound. Here’s what you need to know:
Galaxy Digital Moves 25,000 ETH to Binance
Over the past three days, Galaxy Digital transferred a total of 25,000 ETH — worth over $40 million — to Binance.
The transfers occurred in two phases:
- 2,500 ETH ($4.05M)
- 10,000 ETH ($16.32M)
Prior to that, on April 12, two more transactions were made:
- 4,500 ETH ($7.11M)
- 8,000 ETH ($12.63M)
Following the latest transaction, the price of ETH dropped from $1,677 to $1,641, highlighting the impact of institutional transfers on asset prices.
Galaxy Digital Also Moves Stablecoins
Galaxy Digital didn’t limit its activity to ETH.
The company also moved:
- 5 million USDT
- 100,000 USDC
- $1,000 in AVAX
After the transfers, according to Arkham Intelligence, the firm still holds:
- 200 ETH ($328K)
- 18,150 AVAX ($363K)
Total of $7.97M in stablecoins:
- $4.2M in DAI
- $3.75M in USDC
Whales Back in Action – Millions in ETH Accumulated
According to Lookonchain, an anonymous whale purchased 4,208 ETH ($6.87M) from OKX using four separate wallets. The whale also borrowed 4.85M USDT from Aave, deposited it on OKX — likely for further ETH purchases.
Meanwhile, another new wallet withdrew 3,000 ETH ($4.92M) from Kraken, moved it to Aave and Compound, borrowed 3M USDC, and sent the funds back to Kraken — presumably for more ETH buying.
The LUNA Scandal and Galaxy Digital
Crypto markets were also shaken by a recent $200 million settlement related to LUNA manipulation. The New York Attorney General accused Galaxy Digital of selling LUNA without proper disclosure.
Back in 2020, Galaxy Digital promoted LUNA and acquired tokens at a discount. As prices rose, the firm sold the assets at a significant profit — but allegedly failed to disclose these transactions publicly.
Ethereum ETF Outflows Compared to Bitcoin
On April 15, the Ethereum ETF registered a net outflow of $6 million:
- Fidelity’s FETH: -$7.8M
- 21Shares’ CETH: +$1.8M
Unlike Bitcoin, which recently reached new all-time highs, Ether continues to underperform. The ETH/BTC trading pair has dropped 80% since 2022, highlighting ETH’s significant lag behind BTC.
Analyst Predicts Potential ETH Rebound
ETH ended its worst quarter in five years at $1,400 in Q1 2025. However, according to analyst Ali Martinez, the TD Sequential indicator on the weekly chart is flashing a buy signal — hinting at a possible rebound.
Martinez highlights $1,546.55 as a critical support level where 822,440 ETH was previously accumulated, advising traders to monitor this level closely.
Conclusion:
Galaxy Digital and crypto whales have once again stirred the market with large-scale transfers and borrowing activity aimed at acquiring ETH. Despite the drop in price and ETF outflows, technical indicators suggest a potential upward correction. If Ethereum maintains support at $1,546, it could be on its way back toward growth.
This article is for general informational purposes only and is not intended to be, nor should it be considered, legal or investment advice.
