While the market eagerly awaits spot Ethereum ETFs, Mike Novogratz’s leading crypto investment firm GalaxyDigital seems to be expanding its investments in Ethereum (ETH), following a 10% increase in ETH price over the last week, taking it to the highest level in two years.
Galaxy Digital’s Ethereum Purchase
According to the on-chain data analysis platform Lookonchain, on February 20th, Mike Novogratz’s Galaxy Digital withdrew a total of 26,000 ETH from Coinbase and Binance.
Lookonchain reports that the 26,000 ETH withdrawn by Galaxy Digital in the last 24 hours had a current value of $76.2 million at the time of writing. According to data provided by Etherscan, transactions that took place on four Binance and one Coinbase Prime accounts were noteworthy. Galaxy Digital had made similar Ethereum purchases last year as well.
In October of the previous year, just before a significant rally started, Galaxy Digital took long positions in Bitcoin (BTC) and Ethereum (ETH) on the Aave and Compound platforms. Research related to Galaxy Digital suggested that one of the spot Bitcoin ETFs could host an inflow of $14.4 billion in its first year of launch.
Current Ethereum Price Situation
Amidst these developments, the US Securities and Exchange Commission (SEC) postponed the decision on the Ethereum (ETH) exchange-traded fund (ETF), which was expected to be jointly offered by Invesco and Galaxy Digital, marking a significant decision.
James Seyffart, an analyst frequently mentioned during the Bitcoin ETF era at Bloomberg Intelligence, had a strong expectation that spot Ethereum ETF approvals could arrive as early as May this year.
ETH price has risen to $2,934 with a 1% increase in the last 24 hours. The lowest price of ETH within 24 hours was $2,879, while the highest level was $2,983.
All eyes of Ethereum investors seem to be turned to the anticipated breakthrough of $3,000 in the short term. During this period, the trading volume also saw an increase of over 20% in the last 24 hours, indicating a rise in investor interest.
The interest of Ethereum whales in Ethereum appears to continue, and it is thought that this interest could drive the ETH price to $4,000. An Ethereum whale recently purchased 21,353 ETH at an average cost of $2,810 per token and quickly made a profit of over $100 million based on the value of their ETH holdings.
