Key Notes
- Galaxy Digital’s movements hint at a potential selloff.
- This could push ETH below the $1,600 mark.
- ETH-based ETFs also struggle, strengthening bearish sentiment.
Galaxy Digital, a crypto investment service provider, has been depositing Ethereum
ETH
$1 605
24h volatility:
0.3%
Market cap:
$193.93 B
Vol. 24h:
$12.42 B
into the top cryptocurrency exchanges, Binance and Coinbase.
According to an X post by Lookonchain, Galaxy Digital sent a total of 49,681 ETH, worth nearly $80 million, to Binance and Coinbase between April 12 and 17. The deposits came from the firm’s over-the-counter (OTC) wallet, still holding $11.8 million in different crypto assets.
Galaxy Digital deposited 49,681 $ETH($79.37M) into #Binance and #Coinbase in the past 5 days.https://t.co/owM3zRHpAx pic.twitter.com/S12BGwsSCH
— Lookonchain (@lookonchain) April 17, 2025
The strong exchange deposits could negatively impact the market sentiment since some investors will likely join the selloff.
Despite the recent exchange deposits, Galaxy Digital still holds $538.6 million in cryptocurrencies. Its largest holdings are $329 million in Bitcoin
BTC
$84 875
24h volatility:
0.5%
Market cap:
$1.69 T
Vol. 24h:
$22.85 B
, $89.5 million in Ethereum, $36.2 million in USDT and $29.7 million in USDC.
Galaxy Digital’s movement could hint at further exchange deposits and potential selloffs.
Galaxy Digital’s sister company, Galaxy Ventures, has reportedly raised $150 million to support early-stage crypto startups and is planning to add another $25 million to $30 million to the fund, according to Bloomberg.
On April 10, Galaxy Digital signed a 200-megawatt deal with the artificial intelligence infrastructure provider CoreWeave, hinting at converting its crypto-mining site in Texas to host AI-related GPUs.
Will Ethereum (ETH) Price Drop Again?
Ethereum (ETH) price movements would depend on the movements of the broader crypto market.
However, it’s important to note that the leading altcoin has been struggling to break its psychological $2,000 barrier over the last three weeks.
On April 11, when ETH was trading around $1,550, on-chain intelligence firm Santiment hinted at Ethereum’s bullish signals.
Three days later, Ethereum recorded a high amount of whale movements, pushing the price from $1,550 to around $1,700. On April 15, however, whales started to offload ETH, sending its price back below the $1,600 level.
If the current movements by Galaxy Digital trigger a whale selloff, Ethereum will likely drop below the $1,550 support zone.
The US-based spot ETH exchange-traded funds have also been recording consistent outflows since April 7. According to data from Farside Investors, these investment products saw a net outflow of $12.1 million on April 16.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
