Galaxy Digital Boosts Its Ethereum (ETH) Holdings

Galaxy Digital Boosts — Galaxy Digital, led by Mike Novogratz, has once again demonstrated bullish confidence in Ethereum (ETH) as the ETH price surges by 10% in just one week, reaching its highest level in nearly two years.

Galaxy Digital’s Ethereum Acquisition

According to insights provided by on-chain expert Lookonchain on February 20, Galaxy Digital has transferred 26,000 ETH from Coinbase and Binance, amounting to approximately $76.2 million in the last 24 hours. Etherscan data confirms five transactions, four originating from Binance and one from Coinbase Prime. This move indicates Galaxy Digital’s renewed bullish stance on Ethereum, reminiscent of their actions last year.

A Strategic Move

CoinGape previously reported Galaxy Digital’s strategic moves in October, where they took long positions on both Bitcoin (BTC) and Ethereum (ETH) through Aave and Compound, just before the subsequent market rally. Research from Galaxy Digital suggested that the introduction of a spot Bitcoin ETF could attract a staggering $14.4 billion in inflows within its first year of issuance.

Spot Ether ETF Prospects

While the market awaits regulatory decisions, the U.S. Securities and Exchange Commission (SEC) has postponed its verdict on a spot ether (ETH) exchange-traded fund (ETF) proposed jointly by Invesco and Galaxy Digital. Analysts, including Bloomberg Intelligence’s James Seyffart, foresee potential approvals for spot Ether ETFs as early as May this year.

Price Outlook

With Ethereum’s price experiencing a 1% surge in the past 24 hours, currently trading at $2,933, there’s growing anticipation for a breach above the $3,000 mark. Elevated trading volume, up by over 20% within the last 24 hours, suggests heightened trader interest. Furthermore, Ethereum whales are also positioning themselves for potential gains, with expectations of the ETH price reaching $4,000. Notably, one Ethereum whale recently acquired 21,353 ETH at an average price of $2,810 per token.

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