On-chain analyst Ember has monitored that Ethereum treasury firm FG Nexus transferred 10,000 ETH (worth approximately $18.16 million) to Galaxy Digital about four hours ago.
The move comes against the backdrop of heavy losses from the firm's ETH holdings. Between August and September last year, FG Nexus bought 50,600 ETH at an average price of $3,940, spending roughly $200 million. Since November, the company has been reducing its position, selling a total of 38,300 ETH so far at an average price of only $2,329—a decline of about 41% from its cost basis—and recovering about $89.17 million. The entire ETH portfolio has thus recorded a paper loss of $88.83 million.
Based on the ETH price of $1,816 at the time of this latest transfer, FG Nexus’s remaining holdings of approximately 12,300 ETH have a current market value of around $22.34 million. The specific purpose behind moving these funds to Galaxy Digital has not been disclosed. Overall, the company’s ETH investment remains deeply in the red.