Ethereum Stalls Near $1,800 as Galaxy Digital Reportedly Prepares Major ETH Sell-Off!

Updated

April 30, 2025

Gambar Ethereum Stalls Near $1,800 as Galaxy Digital Reportedly Prepares Major ETH Sell-Off!

Jakarta, Pintu News – Galaxy Digital seems to be losing faith in Ethereum and plans to offload a large number of ETH tokens in the near future.

The financial services company has moved 23,900 ETH to Coinbase, a move that sparked fears of a potential massive sell-off of the largest altcoin.

Then, how will Ethereum price move today?

Ethereum Price Drops 0.28% in 24 Hours

As of April 30, 2025, Ethereum (ETH) is trading at approximately $1,801, or around IDR 30,170,295, after slipping slightly by 0.28% over the past 24 hours. Within this time frame, ETH reached a high of IDR 30,917,859 and dipped to a low of IDR 29,993,391.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $217.48 billion, with daily trading volume falling 13% to $14.33 billion in the last 24 hours.

Will Galaxy Digital Sell Its ETH Holdings?

The latest on-chain data shows that Galaxy Digital appears to be preparing to sell a large portion of their Ethereum holdings.

According to a post from Lookonchain on the X platform, the company has moved 23,900 ETH – worth around $42 million – to Coinbase.

OTC wallets of Galaxy Digital have deposited 23,900 $ETH($42.52M) to #Coinbase in the past 8 hours.https://t.co/lD8tgkC4Py pic.twitter.com/HdTpVCc1ky
— Lookonchain (@lookonchain) April 29, 2025

Galaxy Digital moved the ETH assets from their OTC (Over The Counter) wallet in multiple transactions, and the entire transfer process to Coinbase was completed in less than eight hours.

“Galaxy Digital’s OTC wallet has deposited 23,900 ETH ($42.52 million) into Coinbase in the last eight hours,” Lookonchain wrote.

This ETH transfer sparked fears of a potential massive sell-off by the financial services company. In general, the movement of large amounts of assets by “whales” to centralized exchanges is usually an early indication of planned asset sales.

Sentiment towards a possible sell-off this time is quite high, given the large volume of ETH transfers to Coinbase and Galaxy Digital’s previous track record.

Last week, Galaxy Digital was found to have sold their ETH to buy Solana on Binance, which led to a price drop on the largest altcoin.

Why is Galaxy Digital Selling Its ETH Holdings?

Recent moves suggest a change in Galaxy Digital’s attitude towards Ethereum. Previously, the company had been actively accumulating ETH, with CEO Mike Novogratz buying a large amount of the asset.

But now, Galaxy Digital is shifting its focus from Ethereum to Solana, following the challenges that ETH has been facing. Ethereum’s lackluster price performance – struggling to break the $2,000 mark – as well as Solana’s impressive performance has made Galaxy Digital’s enthusiasm for the largest altcoin begin to fade.

Nonetheless, the recent ETH sale may only be a short-term move to meet the company’s liquidity needs.

In addition, this fund movement could also be related to changes in internal custody processes, which does not mean that there will be an immediate sell-off in the market.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

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