FG Nexus transfers 10K ETH amid estimated losses of $88.8M

Ethereum finance firm FG Nexus transferred 10,000 ETH, worth approximately $18.16 million, to Galaxy Digital about four hours ago, according to on-chain analysis firm EmberCN. The firm suggested the move was likely in preparation for a sale. EmberCN noted that FG Nexus originally invested around $200 million to purchase 50,600 ETH at an average price of $3,940 during a buying craze last August and September. Amid subsequent price declines, the firm began reducing its holdings in November. To date, it has sold a total of 38,300 ETH for $89.17 million at an average price of $2,329, resulting in an estimated total loss of $88.83 million.