Ethereum

Aave

Galaxy

Bitcoin ETF

James

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/galaxy-digital-boosts-ethereum-portfolio-as-market-value-soars" rel="noopener noreferrer nofollow">Galaxy Digital Boosts Ethereum Portfolio as Market Value Soars</a><br></p>
<p style="text-align: justify">Galaxy Digital, the crypto investment firm headed by Mike Novogratz, has recently increased its Ethereum holdings, coinciding with a notable 10% surge in the cryptocurrency’s value within the last week. This increase has propelled Ethereum to its highest price point in two years, stirring anticipation among investors for the launch of spot Ethereum ETFs.</p>
<h2 id="strategic-ethereum-acquisitions-by-galaxy-digital">Strategic Ethereum Acquisitions by Galaxy Digital</h2>
<p style="text-align: justify">On-chain data from Lookonchain reveals that Galaxy Digital pulled a substantial amount of 26,000 ETH from leading exchanges Coinbase and Binance. With an estimated value of $76.2 million, the recent withdrawal mirrors the firm’s investment pattern, reflecting a similar Ethereum accumulation strategy from the previous year. The transactions, spanning four from Binance and one from Coinbase Prime, suggest Galaxy Digital’s continued bullish stance on Ethereum.</p>
<p style="text-align: justify">Prior to Ethereum’s notable rally last October, Galaxy Digital took significant positions in both <a href="https://en.bitcoinhaber.net/bitcoin-etf-approval-and-price-increase-delay-analyzing-the-current-market-situation" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum on lending platforms Aave and Compound. Projections for a possible spot Bitcoin ETF indicated a potential $14.4 billion surge in the first year.</p>
<h2 id="ethereum-s-price-trajectory-and-etf-prospects">Ethereum’s Price Trajectory and ETF Prospects</h2>
<p style="text-align: justify">Meanwhile, the US Securities and Exchange Commission has delayed its verdict on the proposed Ethereum ETF by Invesco and Galaxy Digital, a pivotal decision for the market. Bloomberg Intelligence analyst James Seyffart expressed optimism for a spot Ethereum ETF approval by May. Following a minor 1% increase in the past day, Ethereum’s price has climbed to $2,934, with fluctuations between $2,879 and $2,983.</p>
<p style="text-align: justify">As Ethereum approaches the $3,000 benchmark, trading volumes have surged by over 20%, reflecting growing investor interest. Ethereum whales continue to show robust enthusiasm for the asset, with a recent transaction involving a whale buying 21,353 ETH at $2,810 each, subsequently realizing profits exceeding $100 million. This whale activity suggests a potential push for Ethereum’s value towards the $4,000 level.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/galaxy-digital-boosts-ethereum-portfolio-as-market-value-soars" rel="noopener noreferrer nofollow">Galaxy Digital Boosts Ethereum Portfolio as Market Value Soars</a></h5>

Galaxy Digital Boosts Ethereum Portfolio as Market Value Soars

Table of Contents

BH NEWS

Other articles published on Feb 20, 2024

Ethereum Investors Flock to Re-Staking Protocols with $3.5B Locked

UK authorities set deadline to introduce laws on stablecoins and staking

Arweave Ecosystem Surges with Live Testnet and Unmatched Scalability

Bitwise Bitcoin ETF Enters $30B Investment Advisor Network

Crystal CEO foresees boom with Bitcoin ETF adoption

Centralized crypto exchanges are recovering strongly post-FTX crash

Join our free newsletter for daily crypto updates!