Galaxy Digital Deposits 23,900 ETH On Coinbase Sparking Sell-Off Concerns

Monicah W

Galaxy Digital Deposits 23,900 ETH On Coinbase Sparking Sell-Off Concerns

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.

Galaxy Digital transfers ETH to Coinbase

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.

The post Galaxy Digital Deposits 23,900 ETH On Coinbase Sparking Sell-Off Concerns appeared first on CoinGape.

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Crypto Airdrop Hunting Drives Binance Alpha Volume to $2.8 Billion

Recently, Binance Alpha – a feature within the Binance Wallet that showcases early-stage crypto projects – introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem.

This new scoring feature has attracted a wave of interest from airdrop hunters and significantly boosted trading volume on Binance Alpha. However, Binance Alpha Points have sparked mixed reactions.

Binance Alpha’s Daily Volume Surpasses $330 Million

Data from Dune shows that trading volume on Binance Alpha surged after Binance announced the Alpha Points on April 25.

By May 7, trading volume on Binance Alpha had exceeded $330 million. On May 5 and May 7, the platform recorded over 1 million daily transactions. The total accumulated trading volume has now surpassed $2.8 billion, with nearly 117 million transactions.

Binance Alpha's Volume And Transactions. Source: Dune.
Binance Alpha’s Volume And Transactions. Source: Dune.

This achievement reflects the strong appeal of the Alpha Points feature. More users are actively trading to accumulate points and increase their chances of receiving airdrops.

At the same time, Binance has been announcing new project listings on Binance Alpha more frequently.

How Are Investors Responding to the Binance Alpha Points Initiative?

Wonnie, the founder of MBMweb3, is a vocal supporter of the Binance Alpha program. In a post on X, Wonnie described the program as “a golden window” for users to participate before it becomes overcrowded.

He shared his strategy for earning 15 points per day. He holds assets worth over $100,000, which gives him 4 points, and trades more than $2,048 daily, earning him 11 points.

Wonnie emphasized that the daily cost of maintaining this activity is around $1 in gas fees, highlighting the program’s strong profit potential.

“Binance Alpha is still a golden window. Track your score. Minimize costs. And take your share while the rewards are flowing,” Wonnie said.

However, not all investors share Wonnie’s optimism. Many have criticized Binance Alpha, calling it an “extraction scheme”.

One major point of controversy is that Alpha Points only count activity from the past 15 days. Users cannot accumulate points long-term, forcing them to trade continuously to maintain their scores, creating significant financial pressure.

In addition, the reward requirements have become increasingly strict. Initially, users only needed 45 points to receive the AIOT airdrop. But now, Binance demands 150 points to qualify for the SXT airdrop.

Based on Binance’s calculation method, users must trade up to $131,072 to earn 17 points.

This has led to users paying transaction fees but still not earning enough points to qualify for an airdrop. Some users even reach the required point threshold but fail the risk assessment, so they don’t receive the airdrop.

“Binance Alpha – a scheme to rekt you without you even noticing… Binance appears completely greedy. Whenever they offer you something, trust me – they’re taking much more from you indirectly,” investor Abhi criticized.

Despite these concerns, the number of projects featured on Binance Alpha continues to grow. According to CoinMarketCap, more than 140 projects have been listed on Binance Alpha.

Nine of those projects have conducted airdrops through the Alpha Points system.

The post Crypto Airdrop Hunting Drives Binance Alpha Volume to $2.8 Billion appeared first on BeInCrypto.

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Metaplanet stock price has continued to dominate the Tokyo Stock Exchange, surging another 21% today and hitting an all-time high of 1423 JPY. This surge follows the company’s announcement of a recent purchase of 1,088 Bitcoins, propelling it into the ranks of the top ten corporate Bitcoin holders. With this rally, the stock has surged an impressive 255% since the start of 2025. Metaplanet Stock Dominates Tokyo Stock Exchange While the Japanese bond market is facing a “Greece-like crisis”, investors of Metaplanet are having a gala period as the stock has gained 164% over the past month. Besides, with its consistent Bitcoin purchases, the firm is dominating the Tokyo Stock Exchange, clocking the largest trading volumes while beating out the top firms in Japan. As Japan’s stock and bond market looks fragile, investors are finding a safe haven in Metaplanet, which serves as a Bitcoin proxy bet. Furthermore, market analysts… Read More at Coingape.com

The post Metaplanet Stock Price Shoots 21% To New All-Time High on Fresh Bitcoin Bets appeared first on CoinGape.