The post Massive Ethereum Withdrawal: Galaxy Digital Moves $19.89M from Binance appeared on BitcoinEthereumNews.com.

In a significant on-chain movement, cryptocurrency asset management giant Galaxy Digital has made headlines with a substantial withdrawal of Ethereum (ETH) from the world’s leading crypto exchange, Binance. This large transaction, spotted by on-chain analyst The Data Nerd, has sparked discussions across the crypto community. Let’s dive into the details of this massive Ethereum withdrawal and explore what it might signify for Galaxy Digital and the broader crypto markets. What Happened? Galaxy Digital’s Significant Ethereum Withdrawal According to a report from on-chain analyst The Data Nerd on X (formerly Twitter), a wallet linked to Galaxy Digital executed a notable Ethereum withdrawal from Binance. Here’s a breakdown of the key details: Amount Withdrawn: 10,000 ETH Value at Withdrawal Time: Approximately $19.89 million Exchange Involved: Binance Reporting Source: On-chain analyst The Data Nerd Time of Withdrawal: Reported three hours prior to the analyst’s post (on X). This substantial ETH withdrawal immediately raises questions. Why would a major player like Galaxy Digital move such a large amount of Ethereum off a major exchange? Let’s consider some potential reasons. Why Would Galaxy Digital Withdraw Millions in ETH? There are several possible motivations behind Galaxy Digital’s decision to withdraw nearly $20 million worth of Ethereum from Binance. Understanding these potential reasons can offer valuable insights into institutional crypto strategies. Strategic Long-Term Holding One of the most straightforward explanations is that Galaxy Digital is moving these Ethereum holdings into cold storage for long-term investment. Institutional investors often prefer to hold large amounts of crypto assets in secure, offline wallets to minimize risks associated with exchange hacks or vulnerabilities. This could indicate a bullish long-term outlook on Ethereum by Galaxy Digital. DeFi and Staking Opportunities Withdrawing Ethereum from an exchange opens up opportunities to participate in the decentralized finance (DeFi) ecosystem. Galaxy Digital might be planning to…

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Filed under: News - @ March 24, 2025 1:26 pm