Galaxy Digital, the digital asset firm led by Mike Novogratz, transferred 600 BTC worth about $38.4 million to Binance, according to on-chain data flagged by Arkham Intelligence. The analytics firm linked the sending wallet to Galaxy through its entity tagging and identified the destination as Binance. In crypto markets, deposits to exchanges are often monitored as a possible precursor to selling, but they can also be tied to treasury management, collateral movements or over-the-counter settlements. The transfer equals roughly 0.003% of Bitcoin's circulating supply, making it notable but not unusual for an institutional participant of Galaxy's size. Galaxy has not publicly commented on the transaction, and the ultimate intent behind the move remains unclear.