Galaxy Digital Transfers 23,900 ETH to Coinbase, Sparking Concerns of a Massive Sell-off?
The large-scale transfer of Ethereum by Galaxy Digital to Coinbase has raised concerns about a potential mass sell-off.
The financial services firm is reported to have lost confidence in Ethereum (ETH) and may soon sell a large amount of ETH tokens.
Read the full news below!
Ethereum Transfer to Coinbase
Latest on-chain data indicates that Galaxy Digital may be preparing to sell a significant portion of their Ethereum (ETH) holdings. According to a post on X by Lookonchain, the company has transferred 23,900 ETH, worth around $42 million, to Coinbase.
The transfer was made from Galaxy Digital's OTC wallet in several transactions that took place in less than eight hours. "Galaxy Digital's OTC wallet has deposited 23,900 ETH ($42.52 million) to Coinbase in less than 8 hours," wrote Lookonchain.
This activity has raised concerns among investors and analysts about the potential for a massive sell-off by the financial services firm.
