The latest activity on the Ethereum chain gave traders a clear reason look at the sellers side. A series of large ETH transfers tied to wallets linked to Galaxy Digital has raised questions about whether whales are actively jumping 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 trading. These involved Ethereum whale wallets were reported by Lookonchain as belonging to Galaxy Digital, the digital asset company co-founded by Mike Novogratz.
On-chain transfers reported by Lookonchain show a clear pattern: large amounts of ETH were transferred from two whale wallets associated with addresses linked to Galaxy Digital to centralized crypto exchanges.
As screenshots show shared from Arkham data, transfers were routed to Binance, Bybit, and OKX repositories, 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. In total, these transfers totaled 45,000 ETH, worth approximately $104 million, and all were completed within 15 hours.
Are whales crushing ETH?
Foreign exchange deposits are notable because they are often increase the chances of selling. ETH’s move from self-custody to an exchange can be interpreted as a sign that Galaxy Digital may already be selling a notable portion of its holdings.
Ethereum the price dropped by 2.8% and 2.3% in the last 24 hours and seven days, 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. SoSoValue the data shows that Ethereum Spot ETFs saw $87.7 million in net outflows on April 29, marking a third consecutive day of outflows. This was enough to bring weekly flows down to a negative $160 million.
However, Ethereum’s latest weakness does not occur in a one-sided whale dump. On-chain data shows that Ethereum is witnessing a equal quantity of the whale buys this could perhaps compensate liquidations.
For example, Lookonchain noted that Tom Lee’s BitMine purchased an additional 20,000 ETH worth approximately $44.8 million on April 30, bringing its total purchases to 65,000 ETH worth approximately $147 million in the last 24 hours.
Other whale wallets are also showing signs of accumulation. Lookonchain reported that Whale wallet 0xE5eB withdrew 4,361 ETH, worth approximately $9.98 million, from Kraken after three months of inactivity. Another newly created wallet, 0xA605, withdrew 2,000 ETH, worth around $4.58 million, from Binance.
Featured image from iStock, chart from Tradingview.com
Editorial process as Bitcoinist focuses on providing thoroughly researched, accurate and unbiased content. We follow strict sourcing standards and every page undergoes careful review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance and value of our content to our readers.
