Anonymous Whale Deposits $3.85 Million of GAL on Bybit

IconCryptoNewsTerminal Staff29 Jul, 2024

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Anonymous Whale Deposits $3.85 Million of GAL on Bybit

On-chain data shows that a whale has transferred a significant amount of GAL to the Bybit exchange. According to on-chain analyst ai_9684xtpa, an address starting with 0x195 sent 1.27 million GAL ($3.85 million) to Bybit six hours ago. The address has a history of receiving GAL from the Galaxy project, with a total of 1.86 million GAL ($8.46 million) received over the past two years. Most of these GAL tokens have been deposited into exchanges. The movement of such a large amount of GAL could indicate that the whale is planning to sell, which could put downward pressure on the price of GAL. However, it is also possible that the whale is simply moving their GAL to a new exchange for safekeeping or other purposes. Only time will tell what the whale's intentions are, but the transfer is certainly worth keeping an eye on.

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