Galaxy Digital has transferred approximately 45,000 Ethereum (ETH) worth over $100 million to three cryptocurrency exchanges. The transfer raises new concerns about institutional selling pressure on the second-largest cryptocurrency.
However, on-chain data shows a contradictory picture. Active addresses, exchange reserves and corporate accumulation indicate structural strength.
Behind Galaxy Digital’s move of 45,000 ETH
Lookonchain data showed that two Galaxy Digital Wallet deposited 45,000 ETH via Binance, Bybit, and OKX via multiple transfers.
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Exchange deposits usually indicate potential selling pressure. However, they do not confirm the sale on their own. Transfers may reflect client orders rather than a directional bet.
It also comes at a time when Ethereum is facing broader market headwinds. The price is down 4% over the past day, according to BeInCrypto Markets, which shows ETH trading at $2,288 at press time.
The gauges on the chain tell a different story
Despite the recent inflows and weak ETH prices, there are several Indicators point to an upward trend Expectations. CryptoQuant’s numbers put ETH exchange reserves near 14.5 million tokens, the lowest level since 2016. More than 331,000 ETH have been withdrawn from exchanges since April 19, dwarfing Galaxy’s flow.
At the same time, corporate accumulation is also strong. Bitmain 101,901 Ethereum were added last weekthe largest amount in one week in 2026.
US exchange-traded funds (ETFs) have posted three consecutive green weeks of inflows, according to SoSoValue. The combination of demand for funds and shrinking exchange supply continues to absorb available tokens.
On the network side, one analyst noted a widening gap between Ethereum’s price and network activity. The 100-day moving average of active addresses hit a record high of about 587,000 addresses.
“The continued rise of the SMA 100 for active addresses is a clear indication of growing underlying demand, expanding network adoption, and a very dynamic ecosystem,” CryptoOnchain. books. “From an on-chain analysis perspective, this stark difference suggests that the price of Ethereum may be currently undervalued.”
Beyond Ethereum-specific factors, broader market signals suggest that investors are moving on gradually Back to encryption. Binance saw nearly $6 billion in stablecoin inflows during March and April.
Meanwhile, the Cryptocurrency Fear and Greed Index rose to 47 from 12 just one month ago, indicating an improvement in market sentiment.
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this post Fears of Ethereum (ETH) selling pressure are rising, but 4 on-chain signals are flashing bullish appeared first on BeInCrypto.
