{"id":71742,"date":"2026-04-28T10:06:16","date_gmt":"2026-04-28T10:06:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/galaxy-digital-sends-eth-worth-104-million-to-bybit-binance-and-okx-sparking-selloff-concerns\/"},"modified":"2026-04-28T10:06:16","modified_gmt":"2026-04-28T10:06:16","slug":"galaxy-digital-sends-eth-worth-104-million-to-bybit-binance-and-okx-sparking-selloff-concerns","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/galaxy-digital-sends-eth-worth-104-million-to-bybit-binance-and-okx-sparking-selloff-concerns\/","title":{"rendered":"Galaxy Digital Sends ETH Worth $104 Million to Bybit, Binance and OKX, Sparking Selloff Concerns"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight:400\">Galaxy Digital deposited 45,000 <span>ETH<\/span> worth over $104 million to Binance, Bybit, and OKX on Tuesday. <\/span><\/li>\n<li><span style=\"font-weight:400\">Galaxy Digital\u2019s April <span>ETH<\/span> exchange inflows approach 50,000 <span>ETH<\/span> across multiple transfers. <\/span><\/li>\n<li><span style=\"font-weight:400\">Bitmine holds 98,352 staked <span>ETH<\/span> as institutional conviction on ether remains split.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight:400\">A Pattern of Exchange Inflows<\/span><\/h2>\n<p><span style=\"font-weight:400\">The move adds to a growing body of onchain evidence pointing to institutional distribution of ether in recent weeks. Lookonchain noted the <\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/2048939649834639758\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight:400\">deposits originated<\/span><\/a><span style=\"font-weight:400\"> from wallets directly linked to Galaxy Digital, the digital asset firm co-founded by Mike Novogratz. The funds were split across three major <span>centralized exchanges<\/span>, a pattern that is aligned with preparing assets for a potential sale rather than internal custody management.<\/span><\/p>\n<figure id=\"attachment_810028\" aria-describedby=\"caption-attachment-810028\" style=\"width:1662px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-810028\" class=\"wp-caption-text\">Image source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight:400\">Tuesday\u2019s deposit is not an isolated event, as Galaxy Digital deposited a total of approximately 49,681 <span>ETH<\/span> into <span>centralized exchanges<\/span> in the period leading up to Tuesday. Onchain analysts also separately identified an earlier withdrawal of approximately 38,000 <span>ETH<\/span> from lending protocol Aave that preceded the aforementioned deposits, indicating Galaxy Digital unwound a lending position before routing the proceeds to exchanges.<\/span><\/p>\n<h2><span style=\"font-weight:400\"> <span>ETH<\/span> Under Pressure<\/span><\/h2>\n<p><span style=\"font-weight:400\">Galaxy Digital\u2019s exchange deposits arrive as ether faces headwinds on multiple fronts, especially with firms like Bitmine aggressively accumulating and <a href=\"https:\/\/news.bitcoin.com\/bitmine-tom-lee-98352-eth-8-35-billion\/\">staking nearly 100,000 ETH<\/a>, worth over $229 million, as part of their treasury strategy (which is anchored around yield-generating <span>ETH<\/span> positions). <\/span><\/p>\n<p><span style=\"font-weight:400\">Simultaneous large exchange deposits from Galaxy Digital have seemingly sent a contradictory signal to market participants watching institutional flows.<\/span><\/p>\n<p><span style=\"font-weight:400\">The divergence extends to the broader exchange-traded fund (ETF) landscape with <a href=\"https:\/\/news.bitcoin.com\/bitcoin-etfs-add-336-million-as-ether-extends-10-day-streak\/\">Bitcoin ETFs adding $336 million<\/a> in a single session earlier this month as ether\u2019s institutional inflow trajectory remained more muted, revealing a clear disparity in institutional conviction levels between the two largest <span>crypto<\/span> assets by <span>market cap<\/span>.<\/span><\/p>\n<p> <!-- --> <\/p>\n<p><span style=\"font-weight:400\">For <a href=\"https:\/\/branch.wallet.bitcoin.com\/news-contextual-eth\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">ETH<\/a> bulls, the continued Bitmine <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-staking\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">staking<\/a> activity provides a counternarrative to the distribution signal, but for the bears, approximately 45,000 <a href=\"https:\/\/branch.wallet.bitcoin.com\/news-contextual-eth\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">ETH<\/a> appearing on <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-cex\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">centralized exchange<\/a> books within a single 15-hour trading window represents meaningful new supply hitting the market at a price level where sentiment remains fragile.<\/span><\/p>\n<p><span style=\"font-weight:400\">Galaxy Digital has not publicly commented on the transactions. The firm does not typically disclose individual treasury movements.<\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/galaxy-digital-eth-exchange-deposit-selloff\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways: Galaxy Digital deposited 45,000 ETH worth over $104 million to Binance, Bybit, and OKX on Tuesday. Galaxy Digital\u2019s April ETH exchange inflows approach 50,000 ETH across multiple transfers. Bitmine holds 98,352 staked ETH as institutional conviction on ether remains split. A Pattern of Exchange Inflows The [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":71743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71742"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=71742"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/71743"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=71742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=71742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=71742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}