Animoca and Galaxy Digital Make Major ETH and SOL Deposits
Hong Kong’s Animoca Brands executed a large ETH deposit, transferring 3,760 ETH (~$14.75 M) to Binance—the third substantial ETH deposit from the same wallet in three weeks, totaling 6,600 ETH (~$26.93 M). Digital asset manager Galaxy Digital also made a 200,000 SOL deposit (~$39.1 M) to Coinbase. Meanwhile, a newly created wallet funded $4.22 M USDC on HyperLiquid and opened 40× BTC and 20× XRP short positions valued at $155 M. These exchange deposits and leveraged shorts suggest heightened whale activity and bearish sentiment. Traders view these ETH deposit movements as potential precursors to market sell-offs. Focus now turns to tonight’s US PCE inflation data, where a 0.2% monthly core PCE rise and 2.7% annual gain could sway Fed policy. A softer print may reinforce rate-cut expectations, while persistent inflation could deepen short-term volatility.
Bearish
Large exchange deposits by whales—3,760 ETH to Binance and 200,000 SOL to Coinbase—typically signal upcoming sell pressure. Coupled with a new wallet’s $155 M in highly leveraged BTC and XRP shorts, these moves reflect bearish sentiment and heightened volatility ahead of key US PCE inflation data. While a softer PCE print could revive rate-cut hopes and stabilize markets long-term, the immediate effect is selling pressure and downside risk.