Galaxy Digital Moves 23,900 ETH To Coinbase, Selloff Incoming?

Crypto investment giant Galaxy Digital might be offloading Ethereum, as a new update shows over 23,000 ETH moved to Coinbase through OTC transactions

Blockchain analytics platform Lookonchain has identified a few Ethereum (ETH) transfers from OTC wallets associated with Galaxy Digital. It specifically caught sight of a transfer involving 23,900 ETH to the American cryptocurrency exchange Coinbase. This massive transaction is currently valued at approximately $42.52 million.

Is there an Incoming Selloff of Ethereum?

If there is one thing that Galaxy Digital has been entirely dedicated to in recent times, it is the likely offloading of its Ethereum holdings. 

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

Transferring its ETH holding could show a loss of faith and confidence in the coin. The assets were moved from Galaxy Digital’s OTC wallets in multiple transactions, but all transfers to Coinbase were carried out within eight hours. 

The transfer to Coinbase has ignited speculations about a potential selloff for the second-largest cryptocurrency by market capitalization. 

Whenever a crypto whale moves a substantial amount of a particular crypto asset in their holdings to centralized exchanges, it is usually a tell-tale sign of an incoming asset sale. Hence, the crypto community’s speculations at this time.

More so, the possibility of a selloff is quite high in this case, especially considering the massive volume of ETH transfers to Coinbase in the past and Galaxy Digital’s track record. Just a few days ago, the firm transferred ETH to purchase Solana (SOL) on Binance. This singular action sparked a drop in the price of Ethereum. 

XRP Challenges Ethereum’s Market Position

On one hand, Ethereum’s position as a leading cryptocurrency has recently been challenged by Ripple-associated XRP. 

About two weeks ago, Bitso, one of the region’s major cryptocurrency platforms, released a report showing that XRP surged among Latin American users. This put several widely known tokens, including Ethereum and Solana, at the bottom of the ladder.

According to the report, XRP accounted for 9% of all digital asset purchases made on Bitso and was followed closely by PEPE, a meme coin, which accounted for 6%. This figure suggests that XRP could surpass Ethereum, which stood at 5%, and Solana, which stood at 4%. Meanwhile, Dogecoin recorded 2% of the crypto purchases on the Latin American exchange.

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