Ethereum

2024

Galaxy

when

April

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In a bold move that has caught the attention of the cryptocurrency market, <a href="https://u.today/mike-novogratzs-galaxy-digital-buys-76-million-in-ethereum-from-major-exchanges" rel="noopener noreferrer nofollow">Michael Novogratz’s</a> Galaxy Digital Holdings has made a significant purchase of 6,000 ETH worth $19.8 million.
This acquisition comes amid a backdrop of increasing institutional interest in Ethereum, indicating a growing recognition of its potential.
The purchase also comes at a time when Ethereum's price has experienced a notable drop, a factor that did not deter the investment firm from capitalizing on the opportunity.
Besides Galaxy Digital, Asia-based blockchain-focused venture capital firm Fenbushi Capital has also snapped up a sizable quantity of ETH: 5,207.4 ETH worth $17.2 million.
According to <a href="https://twitter.com/lookonchain/status/1775347027960008878" rel="noopener noreferrer nofollow">Lookonchain</a>, Fenbushi Capital and Galaxy Digital withdrew ETH from Binance after the market fell. Fenbushi Capital withdrew 5,207.4 ETH worth $17.2 million from Binance, and Galaxy Digital withdrew 6,000 ETH worth $19.8 million a few hours later.
<blockquote>
 Both Fenbushi Capital and Galaxy Digital withdrew <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> after the market dropped.Fenbushi Capital withdrew 5,207.4 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($17.2M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> 11 hours ago.Galaxy Digital withdrew 6,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($19.8M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> 4 hours ago.Address:<a href="https://t.co/wJDIeJ6o97" rel="noopener noreferrer nofollow">https://t.co/wJDIeJ6o97</a>… <a href="https://t.co/gDQBKMIK96" rel="noopener noreferrer nofollow">pic.twitter.com/gDQBKMIK96</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1775347027960008878?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 3, 2024</a>
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Both acquisitions occur at a time when Ethereum, the second-largest cryptocurrency by market value, has seen volatility due to macroeconomic uncertainty and regulatory developments.
<a href="https://u.today/ethereum-eth-price-history-hints-at-double-digit-gains-in-q2-what-to-watch" rel="noopener noreferrer nofollow">Ethereum</a> declined for two days in a row to begin the new month and quarter as the U.S. dollar unexpectedly strengthened.
The second-largest cryptocurrency by market cap plunged as low as $3,211, taking its two-day loss to over 7%. As of the time of writing, ETH has risen 0.13% in the previous 24 hours to $3,340, as the market persists in lackluster trading.
Despite ETH's present price action, Galaxy Digital's decision to accumulate Ethereum now might suggest a long-term strategy that looks beyond current market swings.
This strategy appears to be paying off as, according to <a href="https://twitter.com/crypto/status/1773817527904133427" rel="noopener noreferrer nofollow">recent reports</a>, Galaxy Digital turned a profit, with its shares up about 39% this year after nearly tripling in 2023.

Mike Novogratz's Galaxy Digital 6,000 ETH Purchase Signals Institutional Interest

U_Today

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