Galaxy Digital, led by Mike Novogratz, moved 26,000 Ethereum (ETH) tokens worth $76.2 million from exchanges like Coinbase and Binance.
This sparked speculation about ETH’s price, with some predicting a surge to $3,000. Galaxy Digital is once again bullish on Ethereum, as its price has climbed 10% in a week, nearing a two-year high.
Galaxy Digital’s Recent Ethereum (ETH) Move
Galaxy Digital, led by Mike Novogratz, recently made a big move in the cryptocurrency market, according to on-chain expert Lookonchain on February 20. They withdrew a significant amount of Ethereum (ETH), specifically 26,000 ETH valued at $76.2 million, within the past 24 hours. This shows that Galaxy Digital is still very optimistic about Ethereum, just like they have been before.
Etherscan data also confirms this, showing five transactions related to the withdrawal. Four of these transactions came from Binance, while one came from Coinbase Prime. Galaxy Digital has been interested in Ethereum for a while, and they’ve shown a strong liking for both Bitcoin (BTC) and Ethereum (ETH) in the past. Back in late October, they were seen taking long positions on both Bitcoin and Ethereum through platforms like Aave and Compound, which turned out to be strategic moves ahead of the market rally.
Aside from their investments, Galaxy Digital has also been doing market research. Their reports suggest that if a spot Bitcoin ETF were to be introduced, it could attract a huge amount of money, around $14.4 billion in the first year alone. This shows that Galaxy Digital is thinking ahead and believes in the future of the cryptocurrency market.
SEC Delays Decision on Spot Ether ETF Proposal
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on a proposed spot ether (ETH) exchange-traded fund (ETF) submitted jointly by Invesco and Galaxy Digital. Bloomberg Intelligence analyst James Seyffart has suggested that approvals for spot Ether ETFs may be expected around May of this year.
In the past 24 hours, the price of ETH has risen by 1%, reaching a current trading value of $2,933. During this period, ETH’s price fluctuated between a low of $2,879 and a high of $2,983. Ethereum’s chart pattern indicates a potential move above $3,000 in the near future, reflecting bullish sentiment among traders.
Furthermore, trading volume has surged by over 20% in the last 24 hours, signaling increased interest and activity within the market. This uptick in trading volume suggests growing anticipation and speculation regarding Ethereum’s price trajectory and potential market developments.
Additionally, Ethereum whales, or large holders of ETH, have been observed increasing their holdings, indicating optimism about the cryptocurrency’s future performance. With some speculating that ETH could reach $4,000, one Ethereum whale recently purchased 21,353 ETH at an average price of $2,810 per token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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