Galaxy Digital Accumulates ETH Amid the Token Price Dips

• Galaxy Digital withdrew its ETH holdings from the Coinbase exchange.
• ETH depicted a 4.50% price dip in the last 24 hours according to CMC data.

The beginning of August has witnessed a sharp intraday price decline in the leading altcoin, Ethereum. The token depicted a 4.50% decline in the last 24 hours and slid back to the $3,100 level. Notably, leading digital asset firm, Galaxy Digital showed ETH movements in the past few hours.

According to Arkham Intelligence data, the firm withdrew 5K ETH tokens worth $16.07 million through an anonymous wallet acting as an intermediary. The anonymous wallet identified as “0x332” received the Ethereum tokens from a Coinbase Prime wallet, after which it sent the tokens to Galaxy Digital.

Following this, Galaxy Digital’s wallet received 300 ETH from the Coinbase exchange. Additionally, two hours ago, the wallet transferred 2.35K tokens worth $7.48 million to an unknown wallet. Moreover, its current ETH holdings are 19.094K worth $60.83 million approximately.

Previously, Galaxy Digital was seen trading USDC majorly along with other altcoins such as AVAX, USDT, MATIC, and SAND. Additionally, Galaxy Digital-based firm Galaxy Ventures led the Series A funding for Layer2 Financial.

ETH Price Weekly Overview

In the past 24 hours, Ethereum depicted a brief price dip, as aforementioned. The token after showing bullish signs slid down to previous resistance levels. Meanwhile, its trading volume shows a 33.59% increase. At the time of writing, the token was trading at $3,177 according to CMC data.

Zooming out, over the past week ETH shows a price performance of 0.03% decline. This percentage indicates the token’s mixed price signals, as the bulls and bears staged combats. In the past week, the token was trading at a weekly low of $3,088. However, in the following days, it began sparking bullish candles and rallying upwards.

Notably, it hit a weekly high of $3,396 on July 29, after which the prices took a bearish turn. In the past few days, ETH failed to surpass the price dip and has inched closer to its $3K resistance.

However, with the spot ETH ETF’s launch, the token is expected to show bullish movements in the coming months. Finally, apart from Galaxy Digital, other ETH whale movements were also observed.

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