Galaxy Digital, the crypto investment firm helmed by Mike Novogratz, has offloaded over $40 million worth of Ethereum (ETH) in just three days. According to on-chain data from LookOnChain, the firm deposited 12,500 ETH (approx. $20.36 million) to Binance on April 15, following a previous deposit of the same size, signaling growing selling activity from major players.
Galaxy Digital deposited another 12,500 $ETH($20.36M) to #Binance 5 hours ago.
— Lookonchain (@lookonchain) April 15, 2025
That's 25,000 $ETH($40M+) moved to #Binance in just 3 days.https://t.co/owM3zRHpAx pic.twitter.com/tBtHImGwwO
The timing aligns with increasing downward pressure on Ethereum’s price. Currently trading at around $1,642, ETH is down nearly 50% year-over-year. Adding to the bearish sentiment, large Ethereum whales have also joined the sell-off. On Monday alone, two separate whale transactions moved nearly $28 million worth of ETH to centralized exchanges Kraken and Binance.
In the past 7 days, stablecoins(USDT&USDC) on #Tron increased by $1.52B, and stablecoins(USDT&USDC) on #Ethereum decreased by $$1.02B.https://t.co/x4UyTWWUOB https://t.co/8znusXWWoc pic.twitter.com/QuIfwHMtqy
— Lookonchain (@lookonchain) April 14, 2025
The broader Ethereum ecosystem is also showing signs of weakness. The total value locked (TVL) across Ethereum-based DeFi platforms has plunged by $20 billion since January, now hovering at $46.5 billion. Meanwhile, stablecoin outflows continue to plague the network, with over $1 billion exiting Ethereum in just one week. Tron, a rival blockchain, has absorbed $1.52 billion in USDT and USDC flows during the same period.
Yet, amid the gloom, some analysts see a silver lining. On-chain strategist Ali Martinez highlighted Ethereum’s $1,546 range as a strong historical support zone, where over 820,000 ETH has previously been accumulated. Martinez also pointed to a bullish TD Sequential signal on the weekly chart, hinting at a potential rebound.
The most critical support for #Ethereum sits at $1,546.55, where 822,440 $ETH were previously accumulated. A level worth watching closely! pic.twitter.com/KkNK9zittT
— Ali (@ali_charts) April 15, 2025
From a technical perspective, Ethereum’s RSI sits at 42, indicating room for upward movement if buyer volume increases. ETH is testing its middle Bollinger Band (20-day SMA) at $1,655—holding this level could trigger a push toward $2,000. Conversely, a break below the lower band at $1,429 could spell further downside.
While the MACD remains below the signal line, its mildly positive histogram suggests slow bullish momentum. For now, all eyes are on ETH’s ability to reclaim key support as the market gauges whether Galaxy Digital’s exit marks a panic sell—or a prime entry point.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: SEC Delays Ethereum ETF Staking Decision
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
