Galaxy Digital continues to Borrow 5,000 $ETH : Strategy #short or Just a Trap? 🤔💥

Galaxy Digital has just made a move that has stirred the crypto community. Just 11 hours ago, their wallet borrowed an additional 5,000 ETH, with a total value of up to 7,885,000 USD. 💰

Notably, previously, Galaxy had borrowed a total of 17,000 ETH on April 12 and 15. Today's borrowing has brought the total amount of ETH they have borrowed to 22,000 ETH. This amount of ETH has also been transferred #binance 🚨

The theory when using BTC as collateral to borrow ETH suggests that Galaxy might be executing a short strategy on the ETH/BTC pair. With a large organization like Galaxy Digital, this action needs to be closely monitored, especially when they have a bearish tendency. Could this be a bearish signal or just a trap (trap) #Onchain ? 🧐

If the intention is to short, then ETH may experience a slight bounce for them to short with a nice entry, while I hope for the opposite scenario where they trap on-chain and then repay the loan because ETH is already in a bad state:((

#Crypto #Ethereum #GalaxyDigital #ETH #BTC #CryptoTrends #OnChainAnalysis #ShortETH