Mike Novogratz’s Galaxy Digital Buys 500 BTC, Sells Ether Amid Uptober Buzz

Mike Novogratz’s Galaxy Digital once again caused a stir across the crypto market on Monday, moving massive amounts of Bitcoin and Ethereum. On-chain data suggests that the digital assets financial services firm moved over 500 BTC and 7000 ETH between crypto exchanges, sparking investor speculations.

Meanwhile, BTC and ETH prices saw a notable upside trajectory, gaining 1-3% intraday amid hopes of China’s economic stimulus and Donald Trump’s lead in presidential race.

Mike Novogratz’s Galaxy Digital Buys Bitcoin, Sells Ethereum

As per on-chain data by Arkham Intelligence, Galaxy Digital wallet address 187f5QV6Q.. bought nearly 500 BTC within a week, worth $31.38 million, from the crypto exchange Binance. With this accumulation weighing in, the firm now holds nearly 3,912 Bitcoin worth $244 million. The massive holding ignites optimism about the flagship crypto’s future prospects, underscoring increased institutional interest in the asset.

Additionally, recent on-chain data from Whale Alert indicated that a dormant wallet containing over $1 million worth of Bitcoin woke up after nearly 11 years of dormancy. This whale data adds to investor enthusiasm surrounding the flagship crypto amid sentiments of an ‘Uptober rally’ brimming in the market.

Meanwhile, other on-chain transactions revealed by Arkham showcased that Galaxy Digital offloaded 7,000 ETH, worth nearly $17 million, to the exchanges Binance and OKX. In a series of 3 transactions dated October 14, the Mike Novogratz-led firm deposited the abovementioned amount by the address 0x335 to the exchanges. Simultaneously, the massive dumps raise investor concerns surrounding the asset despite its price trading in the green.

Bitcoin & Ether Price Performance

Contrary to what the abovementioned transactions indicated, market sentiments today appear primarily bullish. Bitcoin price gained nearly 2% over the past day to trade at $64,100. Bitcoin’s intraday low and high were $62,035.64 and $64,464.92, respectively.

Notably, the flagship crypto’s pumping action comes against the backdrop of over $300 million weekly inflows in spot Bitcoin ETFs as of October 11. This likely led Galaxy Digital to continue accumulating BTC.

Nevertheless, Bitcoin futures OI soared roughly 4% today to $36.16 billion, per Coinglass data. Further, even the derivatives volume surged 75% to $49.79 billion, underlining increased investor interest in the asset.

Bitcoin price mirrors optimism in tandem with the market trend and broader events. A recent CoinGape Media report revealed that as sentiments of an Uptober rally brim up, market watchers remain bullish on buying BTC.

On the other hand, Ethereum price soared nearly 3% over the past day and is trading at $2,532. Whilst, Ethereum’s 24-hour low and high were $2,436.97 and $2,545.54. Ethereum rises despite weekly outflows worth $5.22 million.

Ethereum futures OI noted a 6% uptick to $12.21 billion. The coin’s derivatives volume surged 80% to $19.02 billion. Altogether, the coin defies usual market sentiments to stand bullish despite Mike Novogratz’s Galaxy Digital’s massive selloffs.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.