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Recent data highlights intriguing movements within the Ethereum ecosystem, particularly involving Galaxy Digital, a prominent institutional player.
Reports suggest a deliberate reduction of Ethereum holdings by the company, with a substantial portion being transferred to Binance, resulting in significant fiat conversions.
This aligns with a period where Ethereum’s value witnessed an 8% decline in the past week. Recent data hinted at a sizeable deposit of 11,200 ETH, valued at $24 million, marking one instance in a series of recent sales by the company. Accumulatively, Galaxy Digital has liquidated approximately 31,437 ETH, amounting to an estimated $71 million.
Notably, recent activities in Ethereum transactions have been observed, including a substantial withdrawal of 60,000 ETH (approximately $131.76 million) from Bitfinex. This was accompanied by collateralizing 58 million DAI from Maker, converting it to 58 million USDC, and subsequently depositing it into Binance.
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Whale Alert, a renowned cryptocurrency tracker, flagged multiple large-scale Ethereum transfers across exchanges, collectively worth nearly $119 million.
Despite a recent surge, Ethereum faced a significant downturn over the weekend. ETH is currently trading at $2,140. These market fluctuations underscore the intricate strategies and active participation of major entities within the Ethereum sphere amidst ongoing price volatility.