Galaxy Digital’s ETH Deposits Spark Market Concerns

Crypto markets are experiencing uncertainty as Galaxy Digital, led by Mike Novogratz, has significantly increased its Ethereum holdings and moved them to major exchanges like Coinbase. This action has raised concerns about potential selling pressure on the market. With over 62,000 ETH deposited, valued at more than $99 million, Galaxy Digital has shifted a substantial portion of their portfolio towards exchanges. The move suggests a strategic shift away from Ethereum dominance. 65,600 ETH were also deposited on platforms like Binance in similar fashion. This activity has sparked discussion regarding potential shifts in asset allocation and market impact.