Galaxy Digital Transfers $40M in ETH to Binance, Whale Activity Surges

Galaxy Digital has transferred a total of 25,000 ETH to Binance Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment over the past three days, a move that’s turning heads in the crypto world. The two major transfers are among the firm’s largest recent transactions and are worth more than 40 million dollars combined.

The most recent transfer happened in two parts: first, 2,500 ETH worth about 4.05 million dollars, followed by another 10,000 ETH valued at 16.32 million dollars. Both amounts were sent to Binance.

A few days earlier, on April 12, Galaxy made a similar move—sending 4,500 ETH (7.11 million dollars) and 8,000 ETH (12.63 million dollars) in two separate transactions to the same exchange.

Following the latest transfer, the price of Ethereum dropped from 1,677 dollars on April 14 to 1,641 dollars, suggesting that large institutional transfers can impact market prices.

Stablecoins and Altcoins Join the Mix

Alongside Ethereum, Galaxy Digital also moved several other assets to Binance. These included 5 million USDT, 100,000 USDC, and about 1,000 dollars worth of AVAX.

According to data from Arkham Intelligence, the firm now holds around 200 ETH (valued at about 328,000 dollars) and 18,150 AVAX (about 363,000 dollars). Galaxy also retains 7.97 million dollars in stablecoins, split between 4.2 million in DAI and 3.75 million in USDC.

Whales Are on the Move

Whale activity around Ethereum has also picked up. On April 14, Lookonchain reported that a mysterious whale purchased 4,208 ETH, worth about 6.87 million dollars, from OKX using four different wallets.

This whale also borrowed 4.85 million USDT from Aave and deposited it back into OKX—likely to buy even more Ethereum.

In another recent update, Lookonchain tracked a new wallet that withdrew 3,000 ETH (roughly 4.92 million dollars) from kraken kraken - support@kraken.com Centralised ExchangeDecentralised Exchange , moved it to Aave and Compound, then borrowed 3 million USDC and sent it back to Kraken. This move also points to potential ETH accumulation.

These major fund movements come on the heels of a $200 million dollar settlement tied to the LUNA market manipulation case. The New York Attorney General had accused Galaxy Digital of selling its LUNA holdings without proper disclosure.

Back in 2020, Galaxy had promoted LUNA and secured a deal to buy it at a discounted rate. When LUNA’s price surged, the firm sold its holdings for large profits, but the transactions were reportedly not disclosed correctly, leading to legal scrutiny.

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Ether ETF Record Outflows

On April 15, the Ethereum spot ETF experienced a net outflow of about $6 million. Fidelity’s FETH led the outflow with $7.8 million, while 21Shares’ CETH saw a net inflow of $1.8 million as per data from Sosovalue.

Despite Bitcoin hitting a new all-time high this cycle, Ethereum has failed to keep pace. The ETH to BTC trading pair has dropped by 80% since 2022, underlining Ethereum’s underperformance compared to Bitcoin.

Ethereum also had its worst quarter in five years during Q1 2025, falling to $1,400 dollars due to market pressure and declining investor sentiment.

Signs of a Potential Rebound

Still, there may be hope for Ethereum. Crypto analyst Ali Martinez recently pointed out a possible rebound, citing a buy signal from the TD Sequential Indicator on the weekly chart.

He also highlighted $1,546.55 dollars as a key support level. At that price point, around 822,440 ETH had previously been accumulated, making it an important area to watch in the coming days.

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