Galaxy Digital Transfers $9.3M in ETH for Derivatives Trading

IconCryptoNewsTerminal Staff22 Jul, 2024

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Galaxy Digital Transfers $9.3M in ETH for Derivatives Trading

Galaxy Digital, the crypto-focused financial services firm, has transferred 2,690 ETH, worth approximately $9.3 million, from several exchanges, including OKX, Kraken, Binance, and Bitstamp, to Deribit, a derivatives exchange. As per ScopeScan's report, this transaction indicates Galaxy Digital's active participation in the crypto derivatives market. Derivatives, such as options and futures, allow traders to hedge risks or speculate on the future price movements of cryptocurrencies. Galaxy Digital's involvement in the derivatives market suggests the growing demand for these instruments among institutional investors. The firm's substantial ETH transfer also highlights its bullish sentiment towards the Ethereum ecosystem.

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