On October 2, Galaxy Digital Holdings Ltd. rose 5.08% in regular trading, trading at $24.1053/share, with turnover of $7.42 million. The rally came as the broader cryptocurrency market surged sharply, with Bitcoin breaking through the $80,000 mark and briefly touching $86,000, while Ethereum also posted significant gains.

The crypto rally was fueled by weakening expectations for further Federal Reserve rate hikes after U.S. initial jobless claims exceeded forecasts, signaling labor market cooling. Fed Governor Waller indicated support for holding rates steady if inflation data improves, prompting investors to increase exposure to risk assets including digital currencies. Data showed nearly 90% of liquidated crypto positions over 24 hours were short contracts, reflecting a decisive shift in market sentiment.

Galaxy Digital has also benefited from company-specific catalysts in recent weeks. The firm partnered with Sky Protocol to add $100 million of sUSDS to its corporate treasury and approved the token as eligible collateral across its institutional trading business, which carries a $1.4 billion average loan book. On-chain data revealed active OTC flows, including a whale transferring 42,000 ETH worth approximately $112 million through Galaxy Digital. Additionally, Morgan Stanley raised its price target on Galaxy Digital to $48 from $37, maintaining an Overweight rating.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)