Galaxy Digital Increases Bullish Bets on Ethereum (ETH)
Mike Novogratz’s crypto investment firm, Galaxy Digital, is once again showing confidence in Ethereum as the price of ETH reaches a nearly 2-year high, surging 10% in just one week.
Galaxy Digital Withdraws 26,000 ETH
According to on-chain expert Lookonchain, Galaxy Digital recently moved 26,000 ETH from Coinbase and Binance. This withdrawal amounts to approximately $76.2 million.
- The data from Etherscan reveals that there were five transactions in total, with four coming from Binance and one from Coinbase Prime.
- This move suggests that Galaxy Digital is once again going long on Ethereum, similar to its strategy last year.
Potential Upside Momentum for ETH Price
The delay in the decision on a spot ether (ETH) exchange-traded fund (ETF) proposed by Invesco and Galaxy Digital has not hindered the positive momentum of Ethereum’s price.
- The current price of ETH is $2,933, with a 1% increase in the past 24 hours.
- An Ethereum chart pattern indicates a clear move above $3,000 in the near future.
- Trading volume has also seen a significant increase of over 20% in the last 24 hours, indicating growing interest among traders.
Ethereum Whales Joining the Bullish Trend
Not only is Galaxy Digital increasing its bets on Ethereum, but other Ethereum whales are also expressing their confidence in the cryptocurrency.
- An Ethereum whale recently purchased 21,353 ETH at an average price of $2,810 per token, further supporting the potential for ETH price to reach $4,000.
Hot Take: Ethereum Continues to Attract Bullish Sentiment
The recent actions of Galaxy Digital and other Ethereum whales indicate a strong bullish sentiment towards Ethereum. With the price of ETH reaching new highs and the potential for a spot Ether ETF approval in the near future, there is growing excitement among crypto enthusiasts.
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