Galaxy Digital seems to be bullish on Bitcoin and Ethereum, as revealed by the latest data. The blockchain company recently invested heavily in Bitcoin and Ethereum positions amidst the ongoing increase in price.
While quoting data from DeFi portfolio tracker DeBank, Lookonchain showed that Galaxy Digital deposited 4,168 WBTC (worth $142 million) and 16,000 ETH (worth $28.6 million) into Aave and Compound.
Seems that Galaxy Digital is long $BTC and $ETH on #Aave and #Compound.
Galaxy Digital deposited a total of 4,168 $WBTC($142M) and 16K $ETH ($28.6M) into #Aave and #Compound, then borrowed out 71.6M $USDT and 21.9M $USDC.https://t.co/2QTPSV1QRn pic.twitter.com/hAFCqDl1tQ
— Lookonchain (@lookonchain) October 28, 2023
Galaxy Digital Makes Huge Deposits Into DeFi Protocols
Galaxy Digital has always been a Bitcoin supporter. Now, the company has made its move on the long-term future of Bitcoin and Ethereum.
Specifically, the company deposited Wrapped Bitcoin and Ethereum worth a total of $170 million into decentralized protocols Aave and Compound as collateral to borrow $71.6 million in stablecoin USDT and $21.9 million in stablecoin USDC.
The level of interest in DeFi protocols for the purpose of investing in cryptocurrencies is a shadow of what it was in 2021, during the peak of the DeFi boom. For instance, data from DeFi…
