Galaxy Digital, one of the largest institutional investors and asset managers in the crypto space, has sent nearly $80 million of Ethereum (ETH) to Binance and Coinbase in the past 5 days.
A recent post from Lookonchain notes that the firm has sent ETH to Binance and Coinbase deposit addresses in multiple transactions since 12 April. Till date, Galaxy Digital has sent approximately 58k ETH – worth $92 million at the time.
While the market activity has dimmed in the past week, this transfer of ETH to the crypto exchanges suggests potential selling from the asset manager.
The selling pressure on ETH has been looming around for too long now with it lagging behind in showing any notable price upsticks while Bitcoin, SOL, XRP and other assets were marking new highs earlier this year in January.
At the time of writing, ETH price is trading near $1,592 and it has been trying to break above the $1,600 but has failed even after multiple attempts. A potential surge above this level will clear ETH’s path towards $2,000 but it will have to face significant selling pressure as large investors keep off-loading their bags.
Also read: Whales Drive Dogecoin Surge: Will DOGE Price Hit $1 in 2025?
