ETH acquisition comes amid backdrop of increasing institutional interest in Ethereum
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The purchase also comes at a time when Ethereum's price has experienced a notable drop, a factor that did not deter the investment firm from capitalizing on the opportunity. Besides Galaxy Digital, Asia-based blockchain-focused venture capital firm Fenbushi Capital has also snapped up a sizable quantity of ETH: 5,207.4 ETH worth $17.2 million., Fenbushi Capital and Galaxy Digital withdrew ETH from Binance after the market fell. Fenbushi Capital withdrew 5,207.4 ETH worth $17.2 million from Binance, and Galaxy Digital withdrew 6,000 ETH worth $19.8 million a few hours later.
Despite ETH's present price action, Galaxy Digital's decision to accumulate Ethereum now might suggest a long-term strategy that looks beyond current market swings.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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