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Latest Ethereum on-chain activity has given traders a clear reason to look at the sell side. A series of large ETH transfers tied to wallets linked with Galaxy Digital has raised questions about whether whales are actively dumping into the market.
Data from on-chain transaction tracker Lookonchain shows that two wallets linked to Galaxy Digital recently deposited 45,000 ETH across multiple crypto exchanges over a 15-hour window.
Ethereum Whales Move $104 Million In ETH To Exchanges
On-chain data shows that some Ethereum whale wallets are currently on a roll of transactions. These Ethereum whale wallets involved were flagged by Lookonchain as belonging to Galaxy Digital, the digital asset firm co-founded by Mike Novogratz.
The on-chain transfers flagged by Lookonchain show a clear pattern: large amounts of ETH moved from two whale wallets associated with Galaxy Digital-linked addresses into centralized crypto exchanges.
As shown in the screenshots shared from Arkham data, the transfers were routed to Binance, Bybit, and OKX deposits, with individual movements including 15,000 ETH, 17,000 ETH, 10,000 ETH, 8,500 ETH, 7,500 ETH, 4,250 ETH, and 3,250 ETH across different transactions. Taken together, these transfers totaled 45,000 ETH, worth around $104 million, and all were made within the space of 15 hours.
Are Whales Crashing ETH?
Exchange deposits are noteworthy because they often increase the chance of selling. The movement of ETH from self-custody into an exchange can be interpreted as a sign that Galaxy Digital may already be selling a notable portion of its holdings.
The Ethereum price has fallen by 2.8% and 2.3% in the past 24-hour and seven-day timeframes, respectively. At the time of writing, Ethereum is trading at $2,262.
The weakness is not limited to on-chain whale activity alone, as Spot Ethereum ETF inflows have also slowed down. SoSoValue data shows that Ethereum Spot ETFs recorded $87.7 million in net outflows on April 29, marking a third consecutive day of outflows. This was enough to flip the weekly flows to a negative $160 million.
However, the latest Ethereum weakness is not taking place in a one-sided whale dump. On-chain data shows that Ethereum is witnessing an equal amount of whale purchases that might be able to offset the selloffs.
For example, Lookonchain noted that Tom Lee’s BitMine bought another 20,000 ETH worth about $44.8 million on April 30, bringing its total purchases to 65,000 ETH worth roughly $147 million over the past 24 hours.
Other whale wallets are also showing signs of accumulation. Lookonchain reported that whale wallet 0xE5eB withdrew 4,361 ETH, worth about $9.98 million, from Kraken after three months of inactivity. Another newly created wallet, 0xA605, withdrew 2,000 ETH, worth about $4.58 million, from Binance.
Featured image from iStock, chart from Tradingview.com
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