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Recently revealed analytics data shows that an extra-large institutional cryptocurrency whale – Galaxy Digital – has been selling Ethereum gradually, and after the recent ETH chunk deposited to Binance, the total amount of Ethereum sold by the company has totaled quite a substantial sum in fiat.
In the meantime, the Ethereum price continues to decline after showing an 8% decrease a week ago.
Galaxy Digital gradually sells its Ethereum
Twitter/X account @OnchainDataNerd has reported that earlier today, the cryptocurrency bank founded by former Goldman Sachs partner Mike Novogratz deposited a hefty amount of Ethereum to the Binance exchange, moving it in several transactions. Those transfers have amounted to 11,200 ETH in total worth $24 million.
Just now, #GalaxyDigital has deposited a total of 11.2K $ETH ($24.3M) to #binance.
— The Data Nerd (@OnchainDataNerd) December 18, 2023
Till now, they have deposited a total of 31437 $ETH ($71M) to exchanges. pic.twitter.com/C3PPKmTHcf
@OnchainDataNerd added that this was not the only ETH chunk sold by Galaxy Digital recently. In total, Mike Novogratz’s company has disposed of a much bigger amount of ETH – roughly 31,437 coins, amounting to approximately $71 million.
Dormant Ethereum wallet awakens
Another source of on-chain data on the Twitter/X app, @lookonchain Smart Money tracker, recently reported that a whale that had stayed inactive for one year has awakened and began selling his/her Ethereum on a decentralized exchange.
A whale that has been dormant for 1 year is dumping $ETH on #DEX!
— Lookonchain (@lookonchain) December 16, 2023
So far, 18,865 $ETH has been sold for 42M $DAI through 4 new wallets, the average selling price is $2,229.
And currently has 5,588 $ETH($12.5M) left. pic.twitter.com/K6znM7pxxh
This Ether holder sold 18,865 Ethereum for 42,000,000 DAI stablecoins using four newly-created wallets. The whale sold all this Ethereum at an average price of $2,229. At the time of this writing, this massive crypto holder has 5,588 ETH left worth $12.5 million.
Overall, as the Ethereum price continues dumping now, the whale activity of the second largest cryptocurrency has increased. Earlier today, a whale withdrew a staggering 60,000 ETH (evaluated at $131.76 million) from Bitfinex and borrowed 58 million DAI from Maker with some of that money. Then, they swapped the borrowed stablecoins to 58 million USDC and deposited them to Binance.
Whale Alert cryptocurrency tracker spotted several massive Ethereum transactions.
A total of 21,000 ETH was transferred from OKEx to Binance. The amount of 20,000 ETH was sent from an anonymous wallet to BitFlyer, and an unknown wallet deposited 15,839 ETH to the Binance exchange. Overall, all this Ethereum was moved in five transactions, worth almost $119 million in total.
After rising 7.7% last week and hitting $2,317, Ethereum declined over the weekend and lost approximately 8%, exchanging hands at $2,131 at the time of this writing.