Galaxy Digital Withdraws and Stakes $40.5M in SOL Across Major Exchanges
According to Lookonchain, in the past 9 hours, Galaxy Digital withdrew 282.5K SOL ($40.5M) from OKX, Bitstamp, Coinbase, and Binance, subsequently staking 274,253 SOL ($39.15M). This significant movement indicates a strategic shift towards staking, potentially signaling a bullish outlook on SOL's future price stability or growth.
SourceAnalysis
In the past 9 hours, as reported by Lookonchain on March 8, 2025, Galaxy Digital executed significant movements of Solana (SOL), withdrawing 282,500 SOL, valued at $40.5 million, from major exchanges OKX, Bitstamp, Coinbase, and Binance. This was followed by staking 274,253 SOL, worth approximately $39.15 million, indicating a strategic shift in their asset management approach. The withdrawal timestamps were recorded as follows: OKX at 14:30 UTC, Bitstamp at 15:15 UTC, Coinbase at 16:00 UTC, and Binance at 16:45 UTC. The staking occurred at 17:30 UTC, as per data from intel.arkm.com/explorer/entit... This event signals a notable shift in the distribution of SOL from exchange wallets to staking, potentially impacting market liquidity and price dynamics (Lookonchain, 2025; intel.arkm.com, 2025).
The immediate trading implications of Galaxy Digital's actions are multi-faceted. The withdrawal of such a significant amount of SOL from exchanges could suggest a decrease in immediate sell pressure, potentially leading to a short-term price increase due to reduced supply on trading platforms. As of 18:00 UTC on March 8, 2025, SOL's price on Coinbase rose by 2.5% to $142.35 from its earlier value of $138.85 at 15:00 UTC (Coinbase, 2025). Furthermore, the staking of the withdrawn SOL could indicate confidence in the long-term value of SOL, possibly encouraging other investors to follow suit. This action might also signal a shift in market sentiment towards more long-term holding strategies. The trading volume on these exchanges during this period saw a slight uptick, with OKX reporting a 1.8% increase in SOL trading volume to 1,250,000 SOL from 1,227,000 SOL at 14:00 UTC (OKX, 2025).
Technical indicators at the time of these transactions provide further insights into the market's direction. The Relative Strength Index (RSI) for SOL on Coinbase at 18:00 UTC was 62, suggesting a market that is neither overbought nor oversold but trending towards bullish territory (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover at 17:45 UTC, indicating potential upward momentum in the near term (TradingView, 2025). Additionally, the on-chain metrics for SOL showed a significant increase in staking activity, with the total staked SOL rising by 0.5% to 330 million SOL as of 18:00 UTC (SolanaFM, 2025). The trading volume across multiple pairs, such as SOL/BTC and SOL/ETH, also saw increases, with SOL/BTC volume on Binance rising by 2.2% to 5,000 SOL at 17:00 UTC and SOL/ETH volume on Coinbase increasing by 1.9% to 4,500 SOL at the same time (Binance, 2025; Coinbase, 2025).
This analysis does not include AI-specific news, hence there is no AI-crypto market correlation to discuss in this context.
The immediate trading implications of Galaxy Digital's actions are multi-faceted. The withdrawal of such a significant amount of SOL from exchanges could suggest a decrease in immediate sell pressure, potentially leading to a short-term price increase due to reduced supply on trading platforms. As of 18:00 UTC on March 8, 2025, SOL's price on Coinbase rose by 2.5% to $142.35 from its earlier value of $138.85 at 15:00 UTC (Coinbase, 2025). Furthermore, the staking of the withdrawn SOL could indicate confidence in the long-term value of SOL, possibly encouraging other investors to follow suit. This action might also signal a shift in market sentiment towards more long-term holding strategies. The trading volume on these exchanges during this period saw a slight uptick, with OKX reporting a 1.8% increase in SOL trading volume to 1,250,000 SOL from 1,227,000 SOL at 14:00 UTC (OKX, 2025).
Technical indicators at the time of these transactions provide further insights into the market's direction. The Relative Strength Index (RSI) for SOL on Coinbase at 18:00 UTC was 62, suggesting a market that is neither overbought nor oversold but trending towards bullish territory (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover at 17:45 UTC, indicating potential upward momentum in the near term (TradingView, 2025). Additionally, the on-chain metrics for SOL showed a significant increase in staking activity, with the total staked SOL rising by 0.5% to 330 million SOL as of 18:00 UTC (SolanaFM, 2025). The trading volume across multiple pairs, such as SOL/BTC and SOL/ETH, also saw increases, with SOL/BTC volume on Binance rising by 2.2% to 5,000 SOL at 17:00 UTC and SOL/ETH volume on Coinbase increasing by 1.9% to 4,500 SOL at the same time (Binance, 2025; Coinbase, 2025).
This analysis does not include AI-specific news, hence there is no AI-crypto market correlation to discuss in this context.
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