30,000 ETH moved to Galaxy Digital in apparent $55 million OTC sale
A wallet identified as 0x8Fa4 appears to have sold 30,000 Ether for 55 million USDC through Galaxy Digital's OTC desk at about $1,833.33 per ETH, as Ethereum traded below $1,900 amid measured whale selling.
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Fact Check
The claim accurately reflects the original Onchain Lens X post, which states a whale sold 30,000 ETH via Galaxy Digital OTC for $55M USDC and deposited proceeds to Coinbase, from address 0x8Fa4EE1776032B612206E754eC2382b534D4ac6F. Whale Alert independently confirmed the 30,000 ETH (~$55.1M) transfer to Galaxy Digital, and coincu republished the story with a matching transaction hash and sending address. The OTC/USDC/Coinbase legs come from Onchain Lens's on-chain reading rather than direct exchange confirmation, but the sourcing is consistent and the transfer itself is corroborated.
Summary
A wallet identified as 0x8Fa4 appears to have completed a 30,000 ETH over-the-counter sale for 55 million USDC through Galaxy Digital's OTC desk at an implied price of about $1,833.33 per ETH. The transaction, valued at roughly $55 million, coincided with Ethereum trading below $1,900 and came as broader large-holder activity showed distribution slightly outpacing accumulation, suggesting cautious selling pressure rather than a broad capitulation. The purpose of the transfer was not disclosed.
Terms & Concepts
- over-the-counter sale: A private trade arranged away from public exchange order books, often used for large transactions.
- OTC desk: A trading service that facilitates large private transactions for institutions or big holders.
- distribution: Large holders selling or reducing positions over time.