Whale sold 30K ETH (~$55M) via Galaxy Digital OTC desk and deposited proceeds to Coinbase.
Macro & Markets ·
A large holder transferred 30,000 ETH—valued at approximately $55 million—through Galaxy Digital's OTC desk, exchanging the tokens for USDC. The wallet then moved the stablecoin proceeds to Coinbase, signaling an intent to convert to fiat or hold in a custodial venue.
The transaction involved a single address (0x8Fa4EE1776032B612206E754eC2382b534D4ac6F) and occurred via Galaxy Digital's over-the-counter trading infrastructure, which typically handles large blocks off standard exchanges. The subsequent deposit to Coinbase—a regulated exchange offering fiat on-ramps—suggests possible liquidation or repositioning of the position.
The source does not indicate the whale's identity, whether the sale reflects a broader portfolio shift, or timing relative to broader market conditions. No explanation for the sale has been disclosed.