Galaxy Digital Moves $80M ETH to Major Exchanges

Galaxy Digital, a leading institutional investor and crypto asset manager, has transferred nearly $80 million worth of Ethereum (ETH) to Binance and Coinbase over the past five days.

Onchain analytics platform Lookonchain released data indicating that the transactions began on April 12 and in multiple tranches. Overall, around 58,000 ETH has been moved to known exchange deposit addresses, raising positive speculation that Galaxy Digital has some intentions in terms of ETH.

Ethereum Struggles to Break Key Resistance

According to the timing and nature of the transfers, the firm has not given an official statement yet but the moves do appear to be the start of offloading assets, which would add to the selling pressure ETH has been under for months..

Although, Bitcoin (BTC), Solana (SOL) and XRP reached new local highs in the cryptocurrency market earlier this year, Ethereum has fallen behind. However, ETH has consistently failed to break past the $1,600 resistance level, thus struggling to rally any meaningful gains. Now, at time of writing, ETH stands at about $1,592.

This psychological barrier is closely being watched by traders. If $1,600 is breached decisively, the $2,000 area could be reached soon. But a heavy hurdle would be those institutional selling from large alien holders such as Galaxy Digital.

The apprehension of market analysts is that unless the ETH price is able to clear this overhead resistance, the price could continue to stagnate. Yesterday’s activity of Galaxy Digital reminds that institutional sentiment has not yet come to a definitive conclusion, and in the current environment where risk appetite is being questioned, it is a stark reminder.

With all eyes on the Ethereum’s next move and if it can endure the pressure, such as in case of whale-driven sell-offs, the market is preparing to digest this.