Galaxy Digital Moves 30 Million USDT to Binance Amid Bitcoin Price Drop

Bitcoin (BTC) has experienced a 2.56% decline over the past 24 hours, falling below the $90,000 mark. Galaxy Digital, a leading digital asset and blockchain firm, has taken advantage of this dip by transferring 30 million Tether (USDT) to the Binance exchange.

According to Arkham Intelligence, Galaxy Digital initiated the stablecoin transfer on Friday. Notably, the firm had previously withdrawn 30 million USDT from Coinbase on Thursday.

Galaxy Digital's BTC Position

The movement of funds to Binance suggests that Galaxy Digital may be considering a new position in Bitcoin. The firm's CEO, Michael Novogratz, is a known Bitcoin proponent.

Market Observations

Some observers have noted that Binance offers a wider selection of meme coins compared to Coinbase. This observation aligns with the current market trend of increased interest in meme coins such as Dogecoin (DOGE), Peanut the Squirrel (PNUT), and Pepe (PEPE).

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