Galaxy Digital is Timing #short Pair ETH/BTC?
About 8 hours ago, a wallet address #whale made a notable transaction, collateralizing 550 cbBTC (48 million USD) to borrow 8,839 WETH (14 million USD) on the protocol #AAVEV3 . This WETH was then immediately transferred to a "sub wallet 1."
From "sub wallet 1," this WETH was further swapped into ETH and transferred to "sub wallet 2" through another sub wallet (0x028). And this is the key point: the "sub wallet 2" that I checked is actually the wallet of #GalaxyDigital (though ARKM has not clearly identified this wallet yet).
This wallet acts as an intermediary for ETH to exchanges, either directly or indirectly through a "sub wallet 3." After further checking the timing of this wallet pushing ETH to the exchange, a notable phenomenon is that each time this happens, ETH often experiences a sharp decline immediately afterwards.
Currently, this ETH still resides in "sub wallet 2." Perhaps not long from now, it will be transferred to CEX exchanges for further distribution. 💼📉