Ethereum (ETH) Sell Pressure Concerns Rise, But 4 On-Chain Signals Flash Bullish

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. Follow us on X to get the latest news as it happens It looks like whales are dumping $ETH! 2 wallets linked to #GalaxyDigital deposited 45,000 $ETH ($104M) to #Binance, #Bybit, and #OKX over the past 15 hours.https://t.co/UT2jKKEMFShttps://t.co/Ce06yUjB7b pic.twitter.com/VQoaEmZQ6S— Lookonchain (@lookonchain) April 28, 2026 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. Ethereum (ETH) Price Performance. Source: BeInCrypto Markets 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 Over 331,000 ETH have been withdrawn from exchanges since April 19, dwarfing the Galaxy inflow. Ethereum Exchange Reserves. Source: CryptoQuant 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 supp...