Cryptocurrency investment firm Galaxy Digital's OTC wallets deposited 23,900 ETH (worth approximately $42.52 million) to Coinbase in the last 8 hours.
According to data shared by the cryptocurrency analysis platform Lookonchain, OTC wallets reportedly belonging to institutional cryptocurrency investment firm Galaxy Digital executed a significant amount of Ethereum transfers. The report states that a total of 23,900 ETH was transferred from the company's wallets to Coinbase in the last 8 hours.
This transfer, valued at approximately $42.52 million at the current ETH price, occurred during a time when the movements of institutional investors in the cryptocurrency market are being closely monitored. Such actions by large investment firms like Galaxy Digital have the potential to affect market dynamics.
This large Ethereum transfer by Galaxy Digital may reflect the company's various strategic objectives such as reducing positions, realizing profits, or providing liquidity.
Recently, the company converted nearly $100 million worth of Ethereum to Solana. This step could also be a move towards plans for acquiring Solana.
