[ccpw id="39382"]

HomeCrypto NewsMarketGalaxy Digital OTC Moves 108,278 Ethereum Worth $283 Million to Whale Address, What's Happening?

Galaxy Digital OTC Moves 108,278 Ethereum Worth $283 Million to Whale Address, What’s Happening?

Date:

Written By:

Follow TheCryptoBasic

Galaxy Digital withdrew large amounts of Ethereum through OTC transactions, transferring it to an address reportedly linked to a whale or institution.

This comes as the price of Ethereum (ETH) consolidates at $2,626.51, reflecting a slight 0.64% increase in the past 24 hours.

According to Lookonchain, Galaxy Digital’s over-the-counter (OTC) wallet withdrew 89,000 ETH from an exchange. This withdrawal, worth about $234 million, quickly grabbed the market’s attention. However, the transfers didn’t stop there. 

- Advertisement -

Afterwards, Galaxy Digital facilitated an additional OTC transaction of 108,278 ETH, worth around $283 million. This transaction occurred in multiple batches: 44,000 ETH, 50,000 ETH, and 14,278 ETH, which were subsequently moved to a different address. 

Transfer to Whale Address

Following the OTC transactions, these Ethereum holdings were transferred to a new address: 0x0b26. This address now holds a total of 139,476 ETH, valued at approximately $365 million. According to Lookonchain, this address could be owned by a whale or an institution.

This transfer marks a substantial accumulation of Ethereum, especially given the significant value of the assets involved. Typically, when whales or institutions add large amounts of Ethereum, it usually signals a potential long-term holding strategy. This creates increased scarcity, possibly taking asset prices higher due to a drop in selling pressure.

In recent weeks, the Galaxy Digital OTC address has been transferring large amounts of Ethereum (ETH) through multiple transactions to exchanges like Coinbase and Binance. Notably, these transfers occurred in several stages throughout April, including transactions such as 4.4K ETH ($7.86M), 5K ETH ($8.93M), and 5.5K ETH ($9.83M) to the Coinbase exchange. These happened around the 28th of April.

- Advertisement -

ETH’s price had been declining in early April, followed by a stagnation around $1,800 when these transactions were taking place. However, as the transactions started shifting into individual addresses, the price of ETH began to pick up momentum, eventually surging past $2,500 by mid-May. Nonetheless, this might just be coincidental.

Significant Outflows from Exchanges

IntoTheBlock data further confirms that exchanges are experiencing considerable outflows of Ethereum. 

Screenshot 2025 06 04T094709179
Ethereum Exchange Outflows

The flow of funds off exchanges has notably increased, with a 24-hour change of 20.66%, a 7-day change of 29.00%, and a 30-day change of 267.58%. This rise in outflows suggests a significant shift, as investors seem to be moving their assets off centralized platforms.

Changes in Ethereum Ownership Across Wallets

Data also shows notable shifts in Ethereum ownership among different types of investors. The percentage of Ethereum addresses that have held their ETH for over one year has increased by 1.97%. 

Screenshot 2025 06 04T094812121
Ethereum Addresses by Time Held

Meanwhile, medium-term investors who have held ETH between 1 month and 1 year saw a slight increase of 0.16%. In contrast, short-term speculators who have held ETH for less than a month experienced a more significant increase of 6.85%. These movements reflect broader changes in investor behavior, especially with the growing focus on long-term holdings.

Large Institutions Also Accumulating ETH

In addition to these wallet trends, prominent institutions have been shifting their focus from Bitcoin to Ethereum. BlackRock, for example, has been gradually liquidating its Bitcoin holdings in favor of Ethereum. 

This shift has been observed over the past few days, with BlackRock moving 5,362 BTC, worth $561 million, and simultaneously acquiring 27,241 ETH, valued at $69.25 million.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author

Latest Stories

Guides