Whale activity on Ethereum has traders on alert after on-chain trackers flagged large transfers from wallets tied to Galaxy Digital, suggesting potential selling pressure.
What happened
- Lookonchain identified two wallets linked to Galaxy Digital that deposited large amounts of ETH to centralized exchanges over a roughly 15‑hour window.
- Arkham screenshots cited by Lookonchain show transfers routed to Binance, Bybit and OKX, with individual movements including 15,000; 17,000; 10,000; 8,500; 7,500; 4,250; and 3,250 ETH. The on‑chain reporting frames the activity as tens of thousands of ETH—roughly $100M+ at current prices.
- Galaxy Digital, the crypto firm co‑founded by Mike Novogratz, has not publicly confirmed the transfers.
Why it matters
- Deposits to centralized exchanges often precede selling, because exchange custody makes liquidation easier. Large inflows from wallets linked to a major firm therefore raise the prospect of material sell pressure on ETH.
Market context and price action
- Ethereum has dipped recently, falling about 2.8% over the past 24 hours and 2.3% over seven days; at the time of writing ETH trades near $2,262.
- Spot Ethereum ETF flows have also cooled. SoSoValue data shows $87.7 million in net outflows on April 29 (the third straight day of outflows), flipping weekly flows to a negative ~$160 million.
But it’s not one‑sided selling
- On‑chain data also shows notable accumulation by other large players. Lookonchain reports Tom Lee’s BitMine bought another 20,000 ETH (~$44.8M) on April 30, bringing its recent total to about 65,000 ETH (~$147M) in purchases over the past day.
- Other whale moves consistent with accumulation: wallet 0xE5eB withdrew 4,361 ETH (~$10M) from Kraken after three months of inactivity, and a newly created wallet (0xA605) withdrew 2,000 ETH (~$4.6M) from Binance.
Bottom line
- The net picture is mixed: significant exchange deposits linked to Galaxy Digital raise the risk of further selling, but simultaneous whale buys and withdrawals to self‑custody suggest pockets of demand that could blunt downside. Traders should watch exchange inflows/outflows and ETF flows for further clues on direction.
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