On August 28, Lookonchain's on-chain monitoring data showed that SharpLink transferred 23.46 million USDT to Galaxy Digital, possibly to purchase ETH.
Public data on the blockchain records a transfer of 23.46 million USDT from a wallet associated with SharpLink to a wallet of Galaxy Digital, a common step when preparing to buy ETH or adjust liquidity.
MAIN CONTENT
On August 28, Lookonchain recorded a transfer of 23.46 million USDT from SharpLink to Galaxy Digital.
The transfer may be used to purchase ETH, according to signs of on-chain activity.
The action demonstrates on-chain transparency and the portfolio adjustment capability of large institutions.
How much asset did SharpLink transfer and when?
Short answer: According to Lookonchain's on-chain monitoring, on August 28, SharpLink transferred 23.46 million USDT to Galaxy Digital.
Analysis: The figure of 23.46 million USDT is directly recorded on-chain, allowing verification through the transaction explorer. Transfers between wallets related to large organizations are often easy to track and correlate with on-chain reports.
Can this amount be used to buy ETH?
Short answer: It is possible; the recorded data indicates that this USDT amount may be intended for buying ETH, but there is no direct confirmation from the involved parties.
Analysis: USDT is a popular stablecoin for swapping for ETH on many exchanges and AMMs. A large transfer from an institutional wallet to an investment fund like Galaxy Digital is a common sign before purchase transactions or portfolio adjustments, however, it is necessary to observe the subsequent transaction chain to verify the exact purpose.
What does this action mean for Galaxy Digital and the ETH market?
Short answer: This is a signal of large institutional activity, which may influence market sentiment, but the actual impact depends on subsequent transactions and the supply-demand context.
Analysis: If the USDT is used to buy ETH on a large scale, it could support demand in the short term. Conversely, if used for other purposes (e.g., restructuring or capital transfer), the price impact would differ. Monitoring subsequent on-chain transactions helps assess accurately.
Frequently Asked Questions
1. How can I verify this transaction?
You can check the transaction hash and wallet address on the blockchain explorer; Lookonchain provides monitoring and alerts for large on-chain transfers.
2. Is 23.46 million USDT large for an on-chain transaction?
In terms of organizational scale, 23.46 million USDT is a significant amount and often attracts market attention, but the level of impact depends on the liquidity of the trading pair and total supply on the exchange.
3. Is this transfer definitely for buying ETH?
Uncertain; on-chain data only shows transfers between wallets, not confirming the ultimate purpose without subsequent swap transactions.
4. How can we know if Galaxy Digital has bought ETH?
Check subsequent transactions from the receiving wallet: if there is a swap of USDT to ETH on a DEX or a transfer of ETH to a custodial wallet, that's a sign they have purchased.
Source: https://tintucbitcoin.com/sharplink-chuyen-2346m-usdt-de-mua-eth/
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