Asset manager Galaxy Digital transferred a substantial amount of Ethereum tokens to Binance yesterday, continuing a recent trend of assets selling off.

The Mike Novogratz-managed firm has been busy on the selling front in the past six days, particularly with Ethereum, the second-largest cryptocurrency by market cap. Yesterday, it continued the trend, shifting 12,500 ETH to Binance, the largest crypto exchange by trading volume.

Selling Spree Intensifies

Market intelligence platform Arkham identified Galaxy Digital’s Ethereum distribution trend on Thursday. According to its data, the asset manager’s OTC wallet, “0x335,” moved 12,500 ETH, worth $20.09 million, to a Binance Deposit address.

The transaction, which happened at exactly 17:57 (UTC) on April 17, further extends Galaxy Digital’s Ethereum selling spree in the past six days. For context, the firm has moved 62,181 ETH, worth a staggering $99.4 million, to exchanges in under a week, adding to the prevailing bearish sentiment around the Ethereum ecosystem.

Although this volume of sales alone would have little to no impact on Ethereum’s price, considering its large market cap, such institutional activity dampens the mood around the asset, encouraging other holders to take a similar stance. Meanwhile, Ether has corrected by 1.37% in the last 24 hours but remains positive over the past week, following a rebound from below $1,400.

Other Notable Galaxy Digital Shifts 

Remarkably, Ethereum is not the only casualty in the ongoing Galaxy Digital spree; the firm has moved other assets in the past 24 hours. Arkham’s data shows that the address sent 5 million USDT to crypto exchange KuCoin on Thursday and 620,000 USDC to Coinbase Prime today.

Recall that an earlier report showed that Novogratz’s Galaxy Digital transferred another 100,000 USDC and $1,000 worth of Avalanche (AVAX) last week. 

Meanwhile, following the shifts, the address still holds 231 ETH ($365,100) and 18,150 AVAX ($345,210). Its largest holdings are $4 million in DAI stablecoin and $2 million in the WCFG token.

While the reasons behind the sales remain unknown, it is important to note that Galaxy Digital recently agreed to a $200 million settlement with the New York Attorney General. The prosecutor’s office accused the asset manager of manipulating the LUNA market by selling its stash without prior disclosure.

Ethereum Whales Dumping Asset

Meanwhile, Galaxy Digital is not the only one selling; Ethereum whales have recently dumped a significant portion of their stash. For context, Lookonchain pointed to an Ethereum ICO participant who reawakened after three years of dormancy to move 30,000 ETH ($47.85 million) to Kraken.

Furthermore, another early Ether whale recently moved 10,702 ETH ($16.86 million) after two years of inactivity. The whale bought Ethereum at $8 and did not sell, even when it surged to $4,000. However, he folded in the face of the recent market uncertainty and sold at $1,576 over a week ago.

Remarkably, a market observer highlighted an investor who holds 76,000 ETH but has continued to dump large volumes. These incessant selloffs have affected sentiments, evident in Ethereum’s over 52% correction year-to-date.