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Mike Novogratz’s Galaxy Digital Offloads 25,000 ETH Worth $40M to Binance in 3 Days: What’s Going On?
Michael Novogratz’s crypto investment firm, Galaxy Digital, has offloaded another 12,500 Ethereum to the Binance exchange, continuing a trend of large-scale transfers. This latest movement follows a similar deposit of 12,500 ETH on April 12. Collectively, the firm has sent Binance 25,000 ETH worth over $40 million in the last three days.
Ethereum Deposits and Market Impact
Notably, the latest transfer saw Galaxy Digital move Ethereum tokens in separate transactions. These include 2,500 ETH, valued at $4.05 million, and 10,000 ETH, valued at $16.32 million. The April 12 movements included 4,500 ETH, valued at $7.11 million, and 8,000 ETH, valued at $12.63 million, moved to Binance.
Image from Lookonchain on X
Meanwhile, the price of Ethereum declined during the recent deposit, dropping from $1,677 on April 14 to $1,641 during this press. This decrease highlights how institutional movements could impact market prices. Market watchers have pointed out that these sizable transfers might influence trading strategies and market dynamics.
Other Notable Transfers and Holdings
After Ethereum, Galaxy Digital also made notable stablecoin transactions, transferring 5 million USDT to Binance. Furthermore, the firm moved 100,000 USDC and $1,000 worth of Avalanche (AVAX). According to data from intelligence platform Arkham, the firm’s current holdings after the transfers include 199.795 ETH worth $328,470 and 18,150 AVAX tokens worth $363,180. Additionally, Galaxy Digital holds 4.208 million DAI and 3.757 million USDC, collectively valued at approximately $7.97 million.
Legal Troubles for Galaxy Digital
Notably, Galaxy Digital’s ongoing movement of crypto assets follows the recent legal settlement in the LUNA market manipulation case. Notably, the firm agreed to pay a $200 million settlement after the New York Attorney General accused it of offloading LUNA holdings without proper disclosure. Galaxy Digital had promoted LUNA in 2020, securing a deal to buy the token at a discounted price. Prosecutors allege that as Galaxy Digital promoted LUNA, the token’s price began to surge. With the rise in value, the firm reportedly offloaded its holdings, reaping hundreds of millions in profits. However, these transactions were allegedly carried out without proper disclosure.
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