• The firm’s holdings of almost 3,912 BTC, valued at $244M, have increased due to this buildup.
  • Galaxy Digital sent 7,000 ETH, or around $17 million, to Binance and OKX.

On Monday, Mike Novogratz’s Galaxy Digital moved enormous quantities of Ethereum and Bitcoin , causing further commotion in the crypto market. Speculation among investors was sparked when on-chain data revealed that the digital assets financial services business transferred more than 7,000 ETH and 500 BTC between cryptocurrency exchanges. In the meantime, expectations of Chinese economic stimulus and Donald Trump’s lead in the presidential campaign caused Bitcoin and Ethereum prices to rise noticeably.

In a week’s time, the digital wallet address (187f5QV6Q..) purchased almost 500 BTC. Valued at $31.38 million, on the Binance cryptocurrency exchange, according to on-chain data compiled by Arkham Intelligence. The firm’s holdings of almost 3,912 Bitcoin, valued at $244 million, have increased due to this buildup. This enormous holding highlights the growing interest in the asset among institutions. And sparks hope about the future possibilities of the flagship cryptocurrency.

$17 Million Worth of Ethereum Dumped

Also, according to recent on-chain statistics from Whale Alert, a wallet that had been inactive for about eleven years reemerged with over $1 million worth of Bitcoin. In the midst of market emotions bursting with an “Uptober rally,” this whale data adds to investor euphoria around the flagship coin.

Arkham also showed that Galaxy Digital sent 7,000 ETH, or around $17 million. This was sent to Binance and OKX, two more on-chain transactions. The aforementioned sum was sent to the exchanges by the Mike Novogratz-led business using the address 0x335 in a string of three transactions that occurred on October 14. Even if the asset’s price is going up, investors are nonetheless worried about it due to the huge dumps.

Today, market mood seems to be mostly optimistic. With Bitcoin price reaching $66k mark, which goes against what the trades described before suggested.

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