Galaxy Digital's OTC-Linked Wallet Sells $49M in Ethereum Amid Market Downturn

The cryptocurrency market continues to experience volatility, with a significant amount of Ethereum being sold by Galaxy Digital's OTC-linked wallet in recent days.

According to reports, this wallet has dumped 21,369 ETH into exchanges over the past 24 hours, totaling $49.3 million at an average recharge price of $2307.34. This move is seen as fresh selling pressure on the market, especially given that a similar amount was pulled from Aave just a week ago.

The timing of this development coincides with the Kelp DAO attack and resulting bad debt fears, which may be contributing to institutional players offloading assets amid uncertainty. Traders are watching closely for signs of price prediction plays, betting on volatility to exhaust shorts near key levels.