Ethereum

Maker

Galaxy

Million

USDC

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Recently revealed analytics data shows that an extra-large institutional cryptocurrency whale – Galaxy Digital – has been <a href="https://u.today/peter-brandt-ends-ethereum-vs-bitcoin-debate-with-scary-prediction" rel="noopener noreferrer nofollow">selling Ethereum</a> gradually, and after the recent ETH chunk deposited to Binance, the total amount of Ethereum sold by the company has totaled quite a substantial sum in fiat.
In the meantime, the Ethereum price continues to decline after showing an 8% decrease a week ago.
<h2 id="galaxy-digital-gradually-sells-its-ethereum">Galaxy Digital gradually sells its Ethereum</h2>
Twitter/X account @OnchainDataNerd has reported that earlier today, the cryptocurrency bank founded by former Goldman Sachs partner <a href="https://u.today/crypto-mogul-mike-novogratz-on-xrp-i-was-wrong" rel="noopener noreferrer nofollow">Mike Novogratz deposited</a> a hefty amount of Ethereum to the Binance exchange, moving it in several transactions. Those transfers have amounted to 11,200 ETH in total worth $24 million.
<blockquote>
 Just now, <a href="https://twitter.com/hashtag/GalaxyDigital?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#GalaxyDigital</a> has deposited a total of 11.2K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ($24.3M) to <a href="https://twitter.com/hashtag/binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#binance</a>.Till now, they have deposited a total of 31437 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ($71M) to exchanges. <a href="https://t.co/C3PPKmTHcf" rel="noopener noreferrer nofollow">pic.twitter.com/C3PPKmTHcf</a>— The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1736600263627256118?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 18, 2023</a>
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@OnchainDataNerd added that this was not the only ETH chunk sold by Galaxy Digital recently. In total, Mike Novogratz’s company has disposed of a much bigger amount of ETH – roughly 31,437 coins, amounting to approximately $71 million.
<h2 id="dormant-ethereum-wallet-awakens">Dormant Ethereum wallet awakens</h2>
Another source of on-chain data on the Twitter/X app, @lookonchain Smart Money tracker, recently reported that a whale that had stayed inactive for one year has awakened and began selling his/her Ethereum on a decentralized exchange.
<blockquote>
 A whale that has been dormant for 1 year is dumping <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> on <a href="https://twitter.com/hashtag/DEX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DEX</a>!So far, 18,865 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> has been sold for 42M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DAI</a> through 4 new wallets, the average selling price is $2,229.And currently has 5,588 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($12.5M) left. <a href="https://t.co/K6znM7pxxh" rel="noopener noreferrer nofollow">pic.twitter.com/K6znM7pxxh</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1735919453865758950?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 16, 2023</a>
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This Ether holder sold 18,865 Ethereum for 42,000,000 DAI stablecoins using four newly-created wallets. The whale sold all this Ethereum at an average price of $2,229. At the time of this writing, this massive crypto holder has 5,588 ETH left worth $12.5 million.
Overall, as the Ethereum price continues dumping now, the whale activity of the second largest cryptocurrency has increased. Earlier today, a whale withdrew a staggering 60,000 ETH (evaluated at $131.76 million) from Bitfinex and borrowed 58 million DAI from Maker with some of that money. Then, they swapped the borrowed stablecoins to 58 million USDC and deposited them to Binance.
Whale Alert cryptocurrency tracker spotted several massive Ethereum transactions.
A total of 21,000 ETH was transferred from OKEx to Binance. The amount of 20,000 ETH was sent from an anonymous wallet to BitFlyer, and an unknown wallet deposited 15,839 ETH to the Binance exchange. Overall, all this Ethereum was moved in five transactions, worth almost $119 million in total.
After rising 7.7% last week and hitting $2,317, Ethereum declined over the weekend and lost approximately 8%, <a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">exchanging hands at $2,131</a> at the time of this writing.

Ethereum: Mike Novogratz's Galaxy Digital Dumps $71 Million in ETH

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