Ethereum (ETH) sell pressure concerns rise, but 4 On-chain signals flash bullish
- Galaxy Digital deposited 45,000 ETH worth over $100 million to Binance, Bybit, and OKX.
- Ethereum's 100-day active address average reached a fresh all-time high near 587,000.
- Exchange reserves sit at 14.5 million ETH, the lowest level since 2016.
Galaxy Digital moved roughly 45,000 Ethereum (ETH) worth over $100 million into three crypto exchanges. The transfer raises fresh concerns about institutional selling pressure on the second-largest cryptocurrency.
However, on-chain data shows a contrasting picture. Active addresses, exchange reserves, and corporate accumulation point to structural strength.
Behind Galaxy Digital's 45,000 ETH Move
Lookonchain data showed that two Galaxy Digital wallets deposited 45,000 ETH across Binance, Bybit, and OKX via multiple transfers.
https://twitter.com/lookonchain/status/2048939649834639758?s=20
Exchange deposits typically signal potential selling pressure. Still, they do not confirm a sale on their own. The transfers may reflect client orders rather than a directional bet.
It also comes at a time when Ethereum faces broader market headwinds. The price has declined by 4% over the past day, according to BeInCrypto Markets, which shows ETH trading at $2,288 at press time.
On-Chain Metrics Tell a Different Story
Despite inflows and ETH’s recent price weakness, several indicators are signaling a bullish outlook. CryptoQuant figures place ETH exchange reserves near 14.5 million tokens, the lowest level since 2016. Over 331,000 ETH have been withdrawn from exchanges since April 19, dwarfing the Galaxy inflow.
At the same time, corporate accumulation is also strong. BitMine added 101,901 ETH last week, its largest single-week haul of 2026.
US spot ETH exchange-traded funds (ETFs) have recorded three straight green weeks of inflows, according to SoSoValue. The combination of fund demand and shrinking exchange supply continues to absorb available tokens.
On the network side, an analyst noted a widening disconnect between ETH's price and network activity. The 100-day moving average of active addresses just printed a record at roughly 587,000.
“The continuous ascent of the active addresses’ SMA 100 is a clear indicator of growing fundamental demand, expanding network adoption, and a highly dynamic ecosystem,” CryptoOnchain wrote. “From an on-chain analysis perspective, this glaring divergence implies that Ethereum may currently be undervalued.”
Beyond Ethereum-specific factors, broader market signals suggest investors are gradually returning to crypto. Binance saw nearly $6 billion in stablecoin inflows across March and April.
At the same time, the Crypto Fear and Greed Index has risen to 47 from 12 just a month earlier, signaling an improvement in market sentiment.
Author
BeInCrypto
BeInCrypto
Since 2018, BeInCrypto has grown into a leading global crypto news platform. Through our award-winning journalism and close ties with industry leaders, we deliver trusted insights into Web3, AI, and digital assets.
