Galaxy Digital Moves $103M in Ethereum to Coinbase Amid Market Dip

Galaxy Digital, the crypto investment firm led by Mike Novogratz, has transferred a substantial amount of Ethereum (ETH) to Coinbase, signaling possible strategic repositioning amid market volatility. According to blockchain analytics platform Spotonchain, Galaxy Digital deposited 39,834 ETH—valued at over $103.6 million—into Coinbase approximately 10 hours ago.

This notable move coincided with a sharp decline in Ethereum’s price. ETH fell by 5.64% over the last 24 hours, breaking below the $2,700 level and trading around $2,560 at the time of the report. The timing suggests Galaxy Digital may be preparing to liquidate or rebalance assets in response to market trends, potentially signaling bearish sentiment or risk management.

Mike Novogratz, a former Goldman Sachs partner and well-known crypto advocate, founded Galaxy Digital to provide institutional access to digital assets. Large wallet transactions from firms like Galaxy are closely watched by traders and investors for market insight. Whale movements to centralized exchanges such as Coinbase are often interpreted as potential sell signals, especially when they follow notable price drops.

While it remains unclear whether the ETH was sold or simply moved for custody or collateral purposes, the transaction has sparked speculation across the crypto community. Ethereum continues to face pressure as broader market conditions remain uncertain, with increased volatility in both Bitcoin and altcoin sectors.

As market participants track institutional behavior for directional clues, movements like Galaxy Digital’s ETH transfer highlight the importance of real-time on-chain data. Investors are advised to stay alert for further developments that could influence short-term price action and overall market sentiment.