In a daring move that has captured the cryptocurrency market's attention, Michael Novogratz's Galaxy Digital Holdings has recently acquired a substantial amount of 6,000 ETH valued at $19.8 million. This purchase aligns with the increasing institutional interest in Ethereum, highlighting a growing acknowledgment of its potential.

Despite a significant drop in Ethereum's price, Galaxy Digital seized the opportunity without hesitation, showcasing confidence in the cryptocurrency's long-term prospects. Alongside Galaxy Digital, Asia-based blockchain-focused venture capital firm Fenbushi Capital also made a noteworthy purchase of 5,207.4 ETH amounting to $17.2 million.

Reports from Lookonchain reveal that both Fenbushi Capital and Galaxy Digital withdrew their ETH holdings from Binance following the market downturn. Fenbushi Capital withdrew their 5,207.4 ETH ($17.2 million) first, with Galaxy Digital following suit by withdrawing 6,000 ETH ($19.8 million) a few hours later.

These acquisitions coincide with Ethereum's recent volatility, attributed to macroeconomic uncertainties and regulatory changes. Despite facing a two-day decline at the beginning of the new month and quarter, Ethereum experienced a 7% loss, dropping to as low as $3,211. Currently, ETH has shown a slight increase of 0.13% in the last 24 hours, trading at $3,340 amidst subdued market activity.

Galaxy Digital's decision to accumulate Ethereum during this period hints at a strategic long-term approach that looks beyond short-term market fluctuations. This calculated move seems to be yielding positive results, as recent reports indicate Galaxy Digital's profitability, with its shares climbing approximately 39% this year after nearly tripling in 2023.