Traders have a new item on the watch list. CoinDesk cites CoinDesk report coverage that points to recent Ethereum on-chain transfers linked to Galaxy Digital wallets, routed to multiple centralized exchanges.
Lookonchain data, as quoted in the source, says two wallets tied to Galaxy Digital deposited 45,000 ETH across exchanges within a 15-hour window. The transfers were routed to Binance, Bybit, and OKX, with recorded moves including 15,000 ETH, 17,000 ETH, 10,000 ETH, 8,500 ETH, 7,500 ETH, 4,250 ETH, and 3,250 ETH.
Why it matters. The source says exchange deposits can increase the chance of selling, since moving ETH from self-custody to an exchange often precedes liquidation activity. It frames the pattern as a potential signal that Galaxy Digital may already be selling part of its holdings. CoinDesk also reports Ethereum weakness alongside this on-chain activity, with ETH down 2.8% over the past 24 hours and 2.3% over the past seven days, at $2,262 at the time of writing.
But this is not presented as a one-direction whale dump. The source adds that on-chain data shows an equal amount of whale buying that could offset sell pressure. It highlights Lookonchain reporting that Tom Lee’s BitMine bought another 20,000 ETH on April 30, bringing purchases to 65,000 ETH worth about $147 million over the prior 24 hours. It also notes other accumulation signals, including a wallet labeled 0xE5eB withdrawing 4,361 ETH worth about $9.98 million from Kraken after three months of inactivity, and a newly created wallet 0xA605 withdrawing 2,000 ETH worth about $4.58 million from Binance.
ETF flows add another layer. CoinDesk says SoSoValue data shows Ethereum Spot ETFs recorded $87.7 million in net outflows on April 29, marking a third straight day of outflows and flipping weekly flows to negative $160 million. Still, the source’s broader message is cautious. It connects whale-linked exchange deposits and ETF outflows to price weakness, but it also points to countervailing whale purchases.