According to @lookonchain, a wallet potentially linked to SharpLink Gaming (prefix 0x70Dd) sent 10,975 ETH (about $33.5M) to a Galaxy Digital OTC wallet over the past two days and then received 10M USDC back from that OTC wallet, source: https://twitter.com/lookonchain/status/1991312682943934578. According to @lookonchain, the counterpart address is labeled as Galaxy Digital OTC and the transaction trail aligns with the reported ETH outflow and USDC inflow, source: https://twitter.com/lookonchain/status/1991312682943934578. According to Arkham Intelligence, the Galaxy Digital OTC address 0xB8AAbd46F08d921b3f188e7aa7160e061b4C636C is labeled on-chain and shows the related transfers, source: https://intel.arkm.com/explorer/address/0xB8AAbd46F08d921b3f188e7aa7160e061b4C636C. According to @lookonchain and Arkham Intelligence, the sequence is consistent with an OTC conversion of ETH to USDC between the two wallets, a flow pattern traders monitor for entity positioning and potential distribution, sources: https://twitter.com/lookonchain/status/1991312682943934578 and https://intel.arkm.com/explorer/address/0xB8AAbd46F08d921b3f188e7aa7160e061b4C636C.

According to Michaël van de Poppe (@CryptoMichNL), his MN Fund delivered a net return of 11% in the first quarter by trading the volatility of BTC and ETH, based on his X post dated Oct 16, 2025 (source: X post by Michaël van de Poppe, Oct 16, 2025). According to the same source, the fund executed its first OTC trade in that quarter and scaled up its volatility trading in recent weeks (source: X post by Michaël van de Poppe, Oct 16, 2025).