On-chain data monitoring by Lookonchain revealed that a massive over-the-counter (OTC) trade of 108,278 ETH, valued at $283 million, has been completed, seemingly by a whale or institutional investor through the Galaxy Digital platform, causing a stir in the market.
Details of Large Transaction
According to Lookonchain's tracking, within the past 12 hours, a "whale" or institution purchased 108,278 ETH, totaling approximately $283 million. These ETH were withdrawn from a trading platform to Galaxy Digital's OTC wallet and subsequently transferred to a wallet starting with 0x0b26. This wallet currently holds 139,476 ETH, valued at around $365 million.
Such a large-scale OTC trade is typically viewed as a cautious approach where the buyer wishes to avoid disrupting the public market, reflecting a bullish expectation. Institutions or large investors prefer OTC trading primarily due to its privacy and the ability to avoid market depth issues caused by large buy orders.
OTC is a Whale's Favorite
Data shows that OTC trading is rapidly growing. According to a Comfygen report, global OTC cryptocurrency trading volume increased by 106% in 2024, with ETH OTC trading volume surging by 187%.
