Galaxy Digital may have lost faith in Ethereum and is angling for a massive offload of ETH tokens in the near future. The financial services firm has moved 23,900 ETH to Coinbase in a move that triggered sell-off concerns for the largest altcoin.
Is Galaxy Digital Selling Off Its ETH Holdings?
Fresh on-chain data suggests that Galaxy Digital is jockeying to sell off a substantial portion of its Ethereum holdings. According to an X post by Lookonchain, the firm has transferred 23,900 ETH, worth a staggering $42 million, to Coinbase.
Galaxy Digital moved the ETH holdings from its OTC wallets in multiple transactions, transferring the holdings to Coinbase in under eight hours.
“OTC wallets of Galaxy Digital have deposited 23,900 ETH ($42.52M) to Coinbased in the past 8 hours,” wrote Lookonchain.
The ETH transfers have since sparked concerns of an incoming sell-off by the financial services firm. Traditionally, whales moving a significant amount of their holdings to centralized exchanges are a tell-tale sign of an incoming asset sale.
Sentiment for a sell-off is high in this case, given the sheer volume of ETH transfers to Coinbase and Galaxy Digital’s previous track record. Last week, Galaxy Digital offloaded ETH to purchase SOL on Binance, triggering a price slump for the largest altcoin.
Why Is The Firm Selling Off Its ETH?
Recent plays are indicating a changing stance by Galaxy Digital toward Ethereum. Previously, the firm went on an ETH accumulation spree with CEO Mike Novogratz buying a significant number of assets.
The financial services firm is now turning its gaze toward Solana from Ethereum, given the wave of market challenges faced by ETH. An unenthusiastic price performance that sees Ethereum struggle to hit $2,000 and Solana’s glowing metrics is dousing Galaxy Digital’s enthusiasm for the largest altcoin.
Despite the moves, the recent ETH sales may be short-term efforts by the firm to meet its immediate liquidity needs. Furthermore, the movement of funds may be a change in internal custody processes and not an actual sale.
Ethereum price is holding its own since Galaxy Digital moved its ETH holdings to exchanges. ETH is trading at the $1,800 mark with whales scooping 10M ETH in a show of faith in the beleaguered asset.
“This was due to an entity(s) on the Binance perpetuals market. That’s what triggered the entire cascade. The initial drop below $5 was triggered by a ~1 million USD short position being market-sold. This caused over 5% of slippage in literal microseconds. That was the trigger. This seems intentional to me. They knew what they were doing,” the analyst stated.
Pi Network: From Chainlink Buzz to Transparency Fears
Pi Network recorded strong optimism this week as its native Pi Coin surged by double digits. BeInCrypto attributed the surge to the announcement of a key integration with Chainlink.
They pitched this strategic collaboration as a gateway to real-world utility. Specifically, it positioned Pi closer to the broader DeFi and smart contract ecosystem. However, the euphoria proved short-lived.
Allegations suggest that, like the OM token, Pi coin lacks full clarity around circulating supply, wallet distribution, and centralized control. To some, these are potential red flags in an increasingly regulation-sensitive industry.
“The OM incident is a wake-up call for the entire crypto industry, proof that stricter regulations are urgently needed. It also serves as a huge lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet,” wrote Dr Altcoin.
Pi coin reversed gains within days, falling 18% from its weekly high. At the time of writing, PI was trading at $0.6112, up by a modest 0.7% in the past 24 hours, per CoinGecko.
Grayscale’s Altcoin Shake-Up: 40 Tokens Under Review
This week in crypto also showed that institutional investor interest in altcoins is heating up again, with Grayscale leading the charge.
The digital asset manager unveiled its updated list of assets under consideration for the second quarter (Q2) 2025. BeInCrypto reported that the list featured zero altcoins across sectors such as DePIN, AI, modular blockchains, and restaking. Among the notable tokens being eyed are SUI, STRK, TIA, JUP, and MANTA.
The update reflects Grayscale’s growing thesis around emerging crypto trends, particularly as the firm seeks to expand beyond its core Bitcoin and Ethereum products.
This announcement follows a broader strategic overhaul from three weeks ago when Grayscale reshuffled its top 20 list of altcoins by market exposure. Several older names were dropped at the time, while newer narratives like Solana-based DePIN and Ethereum restaking plays were pushed to the forefront.
The expansion into 40 coins signals Grayscale’s recognition of renewed retail and institutional appetite for differentiated assets. However, inclusion in the list does not guarantee a fund launch. It only indicates Grayscale’s active research.
XRP and SWIFT Partnership: Breaking Down the Rumors
There was speculation this week about a possible partnership between Ripple’s XRP and banking giant SWIFT in crypto.
This narrative was based on a misinterpreted document. A series of cryptic social posts exacerbated the speculation, which some took as confirmation of collaboration between the global payments network and the XRP ledger.
However, BeInCrypto’s in-depth reporting sank the rumors. While Ripple has long pursued banking institutions and SWIFT has shown openness to blockchain innovations, there is no verified partnership between the two.
SWIFT’s public-facing projects around tokenization and digital asset settlement do not include XRP.
Despite the debunking, the rumors sparked an important conversation about XRP’s long-term positioning. The token remains a top-10 asset and a favorite among retail investors banking on utility-driven price appreciation.
With Ripple’s legal battles with the SEC nearing resolution and international CBDC partnerships in the works, the project is far from irrelevant.
US Dollar Dives: What the DXY Crash Means for Bitcoin
The US Dollar Index (DXY) hit a three-year low this week, sending ripples through the crypto markets. Historically, a falling DXY has been bullish for Bitcoin, and this week was no different, with BTC reclaiming above the $84,000 range.
The greenback’s weakness reflects growing fears of fiscal deterioration in the US, as rate cuts loom and Treasury debt soars.
Japan’s 10-year bond yields hit multi-decade highs, forcing the Bank of Japan (BoJ) into increasingly precarious interventions. As Japanese liquidity spills outward, crypto and risk assets have become inadvertent beneficiaries.
This macroenvironment is ideal for Bitcoin. Weakening fiat, rising global liquidity, and crumbling bond market confidence create a perfect storm.
Blue Origin, Jeff Bezos’ private spaceflight company, will now accept payments in Bitcoin and other leading cryptoassets. Eligible tokens include ETH, SOL, USDT, and USDC.
Justin Sun, founder of Tron, used one of the company’s flights to space earlier this month. Blue Origin is making inroads with the crypto industry, potentially capturing imaginations worldwide.
Today, Jeff Bezos’ Blue Origin is deepening these worlds’ intersection by allowing Bitcoin payments for spaceflights:
“Starting today and powered by Shift4’s seamless payments technology, consumers can pay with popular cryptocurrencies and stablecoins like Bitcoin, Ethereum, Solana, USDT and USDC for trips to space aboard Blue Origin’s New Shepard. Customers will also have the option to connect popular wallets like Coinbase and MetaMask,” Blue Origin claimed.
Blue Origin, founded by Jeff Bezos in 2000, has already had a few notable intersections with the crypto industry. Earlier this month, Tron founder Justin Sun completed a trip beyond the Kármán line after securing passage in 2021.
The last crypto executive to fly to space used SpaceX’s rockets, so this event increased Bezos’ firm’s notoriety.
With its support, international travelers can immediately book spaceflights on any day or time.
Ultimately, this does seem more like a gimmick than a true use case. Blue Origin flights cost around $28 million, and TradFI institutions have plenty of ways to make transactions as convenient as possible.
Blockchain-based payment solutions won’t necessarily add significant ease of use for travelers.
However, even assessed as a publicity stunt, it’s a pretty noteworthy one. The crypto industry has long promised technological solutions to seemingly intractable human problems, and space travel naturally shares this vision.
Thanks to Blue Origin, Bitcoin and other cryptoassets might get a chance to emphasize that connection.
The Dogecoin supporter, Elon Musk, is all set to launch an X App trading platform this year. CEO Lica Yaccaino has confirmed that the platform is rolling out “investment or trading,” which is part of Musk’s plan to turn X from just a simple social media platform to a super-app. However, with the launch time
