$40M Ethereum Transfer Shockwave: Galaxy Digital Dumps 25,000 ETH to Binance in 72 Hours!

Galaxy Digital, the crypto investment powerhouse helmed by Michael Novogratz, has made a jaw-dropping move by transferring 25,000 Ethereum tokens worth over $40 million to Binance within the past three days. This massive transfer spree comes shortly after the firm agreed to pay a $200 million settlement to resolve a high-profile market manipulation lawsuit related to the LUNA token saga.

Unpacking the Massive Ethereum Transfers

According to blockchain data, Galaxy Digital executed several large Ethereum transfers to Binance quickly. The latest transactions included 2,500 ETH valued at $4.05 million and another 10,000 ETH worth $16.32 million. On April 12, the firm moved 4,500 ETH ($7.11 million) and 8,000 ETH ($12.63 million) to the same exchange. Recently, Galaxy Digital deposited an additional 12,500 ETH ($20.36 million) to Binance, completing a staggering $40 million-plus Ethereum transfer in only 72 hours. 

Market watchers have noted a coinciding dip in Ethereum’s price, which slid from $1,675 on April 14 to $1,641 amid these large transfers. Analysts warn that such institutional-scale moves can heavily sway market sentiment and price action, especially within tight timeframes. Galaxy Digital’s activity was not limited to Ethereum. The company also transferred significant amounts of stablecoins, 5 million USDT, 100,000 USDC, and $1,000 worth of Avalanche (AVAX) tokens to Binance. Galaxy’s remaining holdings have dramatically shrunk following these moves, now holding roughly 200 ETH and 18,150 AVAX tokens, alongside stablecoins totaling around $8 million.

Legal Troubles Cast Shadow Over Moves

These enormous transfers come on the heels of Galaxy Digital’s recent $200 million settlement with the New York Attorney General over allegations of market manipulation related to LUNA token trading. The lawsuit claimed Galaxy promoted LUNA while secretly selling discounted tokens, generating hundreds of millions in undisclosed profits. The timing of Galaxy’s Ethereum exodus has sparked speculation among market observers. Whether this signals routine portfolio rebalancing or a strategic retreat from Ethereum remains unclear, but the crypto community is watching closely as institutional whales make waves.

Ethereum Price Analysis: ETH Slumps to $1500s Again

Ethereum commenced trading at $1,625. It had been looking poised for upward movements, and they did occur. In the first 6 hours of trading, Ethereum formed a general uptrend despite facing several corrections. At 5:40 UTC, Ethereum tested the $1,648 resistance but failed to move past it. The buying pressure led Ethereum to fluctuate around that mark for a while. These fluctuations ensued until 10:00 AM UTC, when the Ethereum price finally faced a correction. At 11:20, a golden cross formed, and Ethereum started climbing the charts, facing resistance at $1,657. Strict correction arrived, as Ethereum slumped $1,610 within an hour. 

Chart 1: published on TradingView, April 16, 2025

Some range-bound fluctuations occurred as Ethereum stabilized around $1,624. At 17:00 UTC, an extended downtrend formed. This downtrend lasted several hours, taking Ethereum to $1,590 by 00:00 on April 16. Oversold conditions were noted on the RSI, and a reversal was expected, but the $1,600 mark posed strict resistance to Ethereum’s progress. By 8:00 UTC, Ethereum had already made its way further down to $1,558.

Ethereum Price Prediction: Can Ethereum Regain $1,600 Today?

As of now, Ethereum is trading at $1,578. Its upward movements face strict corrections, and the buying pressure is inadequate to warrant any significant rise in the coming hours. This means that Ethereum may go on to test the support a few times more. If the current $1,558 support holds Ethereum in good stead, we may be able to see some positive Ethereum news soon. A bear market may take Ethereum on another ride downward if it drops further.