Latest Ethereum on-chain activity gives traders clarity Look at the sales side. A series of large ETH transfers associated with wallets linked to Galaxy Digital have raised questions about whether whales are being actively dumped into the market.
According to data from on-chain transaction tracker Lookonchain, two wallets linked to Galaxy Digital recently deposited 45,000 ETH to multiple crypto exchanges in a 15-hour window.
Ethereum whale moves $104 million in ETH to exchange
On-chain data shows that some Ethereum whale wallets are currently conducting transactions. These Ethereum whale wallets involved were flagged by Lookonchain as belonging to Galaxy Digital, a digital asset company co-founded by Mike Novogratz.
The on-chain transfers flagged by Lookonchain had a clear pattern, with large amounts of ETH moving from two whale wallets associated with addresses linked to Galaxy Digital to a centralized cryptocurrency exchange.
As shown in the screenshot, Shared from Arkham data, the transfers were routed to Binance, Bybit, and OKX deposits, and separate moves across various transactions included 15,000 ETH, 17,000 ETH, 10,000 ETH, 8,500 ETH, 7,500 ETH, 4,250 ETH, and 3,250 ETH. These transfers totaled 45,000 ETH, worth approximately $104 million, and all took place within 15 hours.
Is a whale crashing ETH?
Exchange deposits are noteworthy for the following reasons: increase chances of selling. The transition of ETH from self-custody to exchanges can be interpreted as a sign that Galaxy Digital may have already sold a significant portion of its holdings.
Ethereum price has gone down In the past 24-hour and 7-day time frames, it was 2.8% and 2.3%, respectively. As of this writing, Ethereum is trading at $2,262.
This weakness is not just limited to on-chain whale activity, as Spot Ethereum ETF inflows have also slowed. SoSoValue the data shows that The Ethereum Spot ETF recorded net outflows of $87.7 million on April 29, marking the third consecutive day of outflows. This was enough to bring the weekly flow to negative $160 million.
However, Ethereum’s recent vulnerabilities are not happening in a unilateral whale dump. On-chain data shows that Ethereum is witnessing the following situation: the same amount whale buy it it may be possible to offset sale.
for example, Lookonchain pointed out that Tom Lee’s BitMine purchased another 20,000 ETH (worth about $44.8 million) on April 30, bringing the total purchases in the past 24 hours to 65,000 ETH (worth about $147 million).
Other whale wallets are also showing signs of accumulation. look on chain 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 approximately $4.58 million from Binance.
Featured image from iStock, chart from Tradingview.com
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