Mike Novogratz’s Galaxy Digital buys massive amounts of Bitcoin (BTC), dumping Ethereum (ETH) amid the uptober market buzz.
Mike Novogratz’s Galaxy Digital made waves in the crypto market on Monday by moving large amounts of Bitcoin and Ethereum.
On-chain data reveals that the digital asset financial services firm transferred over 500 BTC and 7,000 ETH between cryptocurrency exchanges, leading to speculation among investors.
At the same time, both Bitcoin and Ethereum saw notable price increases, rising between 1-3% intraday, fueled by optimism surrounding China’s economic stimulus and Donald Trump’s lead in the U.S. presidential race.
Galaxy Digital Buys Bitcoin, Sells Ethereum
According to data from Arkham Intelligence, Galaxy Digital’s wallet, identified as 187f5QV6Q…, purchased nearly 500 BTC within a week, valued at $31.38 million, from the exchange Binance.
With this purchase, Galaxy Digital now holds about 3,912 Bitcoin worth $244 million. This substantial accumulation has raised optimism about Bitcoin’s future, reflecting heightened institutional interest.
In addition, Whale Alert identified that a dormant Bitcoin wallet, holding more than $1 million, became active after almost 11 years of inactivity, contributing to the positive sentiment around Bitcoin, with hopes of an “Uptober rally” growing in the market.
On the other hand, Arkham’s data also showed that Galaxy Digital sold 7,000 ETH, worth approximately $17 million, across exchanges Binance and OKX.
The firm made three transactions on October 14, depositing the funds from wallet address 0x335.
While this large-scale Ethereum sale has sparked concern among investors, the price of Ethereum remained strong.
Bitcoin and Ethereum Price Performance
Despite these transactions, market sentiment has remained predominantly positive. Bitcoin’s price rose nearly 2% in the last 24 hours, reaching $64,100. Its intraday low and high were $62,035.64 and $64,464.92, respectively.
Bitcoin’s upward movement coincided with over $300 million in weekly inflows into spot Bitcoin ETFs as of October 11, likely driving Galaxy Digital’s continued accumulation of BTC.
Additionally, open interest (OI) in Bitcoin futures climbed about 4% to $36.16 billion, and derivatives volume surged 75% to $49.79 billion, reflecting growing investor interest.
Bitcoin’s performance aligns with broader market optimism, as analysts continue to express confidence in a potential “Uptober rally” and further BTC gains.
Meanwhile, Ethereum’s price jumped nearly 3% in the past day, trading at $2,532, with a 24-hour low and high of $2,436.97 and $2,545.54, respectively.
Ethereum’s rise came despite weekly outflows of $5.22 million.
Ethereum futures OI also increased by 6% to $12.21 billion, while its derivatives volume spiked 80% to $19.02 billion.
Despite Galaxy Digital’s significant Ethereum selloff, the cryptocurrency remains bullish, defying usual market expectations.
