Ethereum Price Hits $3000 As Galaxy Digital Acquires $76 Million Worth ETH
Qadir AK20 Feb 20241 min read
Mike Novogratz’s Galaxy Digital acquires 26,000 ETH worth $76.2 Million from Coinbase Prime and Binance, signaling bullish confidence. Lookonchain reports a significant withdrawal, reflecting growing institutional interest.
Whale Moves and Ethereum’s Uptrend
Onchain data analytics firm Lookonchain reported on X – “On-chain data shows that #GalaxyDigital withdrew 26K $ETH($76.2M) from #CoinbasePrime and #Binance in the past 12 hours.”
Galaxy Digital’s acquisition reflects broader trends, as Ethereum’s price rallied to $3,000. The price surge followed after a whale activity that included a 14,000 ETH transfer from Coinbase Institutional.
Galaxy Digital’s Ethereum Strategy
Traditionally cautious, institutions increasingly view cryptocurrencies, especially Ethereum, as diversification assets. Galaxy Digital’s acquisitions come amid Ethereum’s overall positive performance, with the current price at $2,913 and a 30-day surge up by 17.68%. This interest extends beyond digital currency, emphasizing
Galaxy Digital’s move echoes its previous strategic stance on Bitcoin and Ethereum. The firm, known for going long on crypto assets, positions itself favorably in the evolving crypto landscape. As Ethereum gains institutional favor, Galaxy Digital’s $76 million acquisition underscores a bullish outlook for the cryptocurrency.
Ethereum’s market continues to attract attention, with analysts expecting significant ETF approvals and positive sentiment around the upcoming Dencun upgrade pending on March 13th. Analysts suggest these moves indicate institutional confidence in Ethereum’s potential with Ethereum’s role in decentralized applications and smart contracts.
