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Galaxy Digital CEO and founder Michael Novogratz is in the news with his bold move on Ethereum. Novogratz made a significant investment. His daring move of purchasing 6,000 ETH worth $19.8 million took place during a period when Ethereum was drawing institutional interest. This step is certainly good news for Ethereum investors. It points to future expectations for ETH.
Ethereum Gains Attention from Corporate Investors
Ethereum is now attracting the attention of not just individual investors but also institutional players. This purchase demonstrates that Galaxy Digital, a major player in the cryptocurrency market, believes in Ethereum’s long-term potential regardless of current market price fluctuations.
However, in addition to Galaxy Digital, another company made an Ethereum purchase today. Asia-based Blockchain-focused venture capital firm Fenbushi Capital also bought large amounts of Ethereum. The purchase of 5,207.4 ETH, valued at $17.2 million, indicates growing confidence and interest in this field.
Interestingly, both companies withdrew their Ethereum from the market immediately after purchasing. According to Lookonchain, both Fenbushi Capital and Galaxy Digital took advantage of the market price drop to withdraw Ethereum from the Binance exchange.
What’s the Current Status of Altcoin ETH Price?
As we step into a new week and a new quarter, an unexpected turnaround has occurred in the cryptocurrency markets. Ethereum began to lose value over the past two days alongside the surprise strengthening of the US dollar.
Ethereum, the second-largest cryptocurrency by market value, fell to levels around $3,211, increasing its two-day loss to over 7%. However, at the time of writing this article, the cryptocurrency ETH saw an increase of 0.13% over the previous 24 hours, rising to $3,340 in an environment of continued sluggish trading.
Despite the current price movements of ETH, which is a leader among altcoins, Galaxy Digital’s decision to accumulate Ethereum seems to indicate a long-term strategy that goes beyond the crypto markets. The reasons behind Galaxy Digital’s large position in Ethereum are not clear. However, considering that the company’s shares nearly tripled in 2023 and then increased by 39% this year, it appears that this strategy is paying off.
