A whale transferred 42K ETH (~$112M) to Galaxy Digital for sale after accumulating over two months via OTC.
Macro & Markets ·
A large ETH holder moved 42,000 tokens valued near $112 million to Galaxy Digital in what appears to be preparation for a sale. The transfer occurred approximately one hour after the whale initiated the deposit to the trading desk. Over the preceding two months, this address had accumulated the full position through over-the-counter purchases facilitated by Galaxy Digital, suggesting a coordinated acquisition and liquidation cycle. The whale's address is publicly trackable on-chain.
The timing and structure point to a deliberate unwinding rather than a panic exit. The two-month OTC accumulation suggests the whale operated with market awareness and access to institutional channels, while the prompt deposit to Galaxy Digital indicates readiness to execute the sale. Whether the position was accumulated on behalf of a fund, as portfolio rebalancing, or for other strategic reasons remains undisclosed.
The immediate market impact and final execution price have not yet been reported. It is unclear whether Galaxy Digital has completed the sale, at what price the transaction settled, or whether other large positions may follow similar liquidation patterns.