Mike Novogratz’s Galaxy Digital Buys 500 BTC, Sells 10.788K ETH as Uptober Gains Momentum
Highlights:
- Galaxy Digital overhauled its crypto portfolio in massive transactions that involved BTC procurements and ETH sell-offs.
- The financial firm raised roughly $27.35 million from 10.788K ETH sales. Conversely, it spent $31.38 million to purchase about 500 BTC.
- Bitcoin and Ethereum prices recorded significant leaps as Uptober begins to gain momentum.
According to on-chain tracker outlet Arkham Intelligence, Mike Novogratz’s Galaxy Digital recently diversified its crypto holdings in new transactions that involved moving significant volumes of Bitcoin (BTC) and Ethereum (ETH) to different destinations.
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Notedly, the token transfers involved procuring about 500 BTC via several transactions. Conversely, the financial services provider company sold roughly 10.788k ETH via different dumping sprees, underscoring possible less faith in Ethereum’s expansion prospect.
The latest token transfer trend followed an upswing in the general crypto market actions. For context, the past 24 hours saw a 3.6% increment in the crypto market worth, bringing its valuation to about $2.4 trillion. Following the increment, market participants seem convinced that the Uptober rally is gradually gaining momentum.
💥BREAKING: UPTOBER IS BACK. pic.twitter.com/kSWVeHZTwa
— Crypto Rover (@rovercrc) October 14, 2024
Hence, investors are making necessary crypto portfolio adjustments to partake in the rally. Interestingly, market participants’ preparedness appeared visibly in Galaxy Digital and Germany’s Samara AG’s recent exploit. For context, in one of our most recent news articles, we reported that the German asset management firm mapped out $32.8 million to boost its BTC holdings.
Galaxy Digital’s BTC and ETH Transfer Details
Arkham Intelligence noted that the wallet address labeled “187f5…..a6hNb” belonged to Galaxy Digital. Additionally, the address has spent approximately $31.38 million to accumulate about 500 BTC from Binance over the past week. Per the on-chain tracker, the most recent BTC procurement occurred 13 hours ago, at the time of press. It involved 56.95 BTC worth approximately $3.56 million.
Meanwhile, another accumulation occurred three days ago. It was more massive, with about 110 BTC worth approximately $6.91 million. Finally, two other recent procurements happened in the past seven days. They involved 183 BTC valued at about $11.6 million and 150 BTC that cost $9.31 million. Consequently, Galaxy Digital’s Bitcoin holdings have increased to about 3.246K tokens with a $212.20 million valuation.
🔥Galaxy Digitalpurchased 57 $BTC on #binance just 2 hours ago, bringing its total #Bitcoin holdings to 500 $BTC in just one week! #GalaxyDigital #Bitcoin #BTC #Binance #Crypto #Blockchain pic.twitter.com/WghWlW3bvq
— CoinRank (@CoinRank_io) October 14, 2024
On the other hand, Galaxy Digital orchestrated four ETH dumping sprees within a few hours. For context, the financial firm sent 3.58K ETH worth about $9.23 million to a wallet address labeled “0xC92…..C276a.” Within ten minutes, Galaxy Digital deposited another 100 ETH with a $257.91K valuation to Coinbase.
In addition, two other rapid dumpings occurred six hours before the transactions above. They involved a 4.108K ETH transfer worth $10.36 million to an address labeled “0x0A4…088b9” with another 3K ETH shift to OKX.
The final transaction cost an estimated $7.5 million. In brief, the dumping sprees entail 10.788K ETH, valued at about $27.35 million. Despite the massive sell-offs, Galaxy Digital still boasts significant ETH holdings at roughly 35.807K tokens with a $92.35 million valuation.
Bitcoin Reclaims $65,000 as Ethereum Exceeds $2,500
Like the general crypto market, Bitcoin and Ethereum are mirroring significant price jumps. At the time of writing, Bitcoin is changing hands at about 65,800, reflecting a 5.7% upswing in the past 24 hours. Within the same time frame, BTC recorded minimum and maximum prices, ranging between $62,059.51 – $66,173.42, underscoring a massive leap in a short interval.
Similarly, ETH displayed a remarkable 7.1% surge in the past 24 hours. It boasts $2,620 in individual tokens market value, spiking its market capitalization to roughly $315.79 billion. Meanwhile, Ethereum’s 24-hour trading volume skyrocketed by an incredible 118.82%, with $18.73 billion valuation.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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