• Galaxy Digital deposited 45,000 ETH worth over $104 million to Binance, Bybit, and OKX on Tuesday.
• Galaxy Digital’s April ETH exchange inflows approach 50,000 ETH across multiple transfers.
• Bitmine holds 98,352 staked ETH as institutional conviction on ether remains split.

The move adds to a growing body of onchain evidence pointing to institutional distribution of ether in recent weeks. Lookonchain noted the deposits originated from wallets directly linked to Galaxy Digital, the digital asset firm co-founded by Mike Novogratz. The funds were split across three major centralized exchanges, a pattern that is aligned with preparing assets for a potential sale rather than internal custody management.

Image source: X

Tuesday’s deposit is not an isolated event, as Galaxy Digital deposited a total of approximately 49,681 ETH into centralized exchanges in the period leading up to Tuesday. Onchain analysts also separately identified an earlier withdrawal of approximately 38,000 ETH from lending protocol Aave that preceded the aforementioned deposits, indicating Galaxy Digital unwound a lending position before routing the proceeds to exchanges.

Galaxy Digital’s exchange deposits arrive as ether faces headwinds on multiple fronts, especially with firms like Bitmine aggressively accumulating and staking nearly 100,000 ETH, worth over $229 million, as part of their treasury strategy (which is anchored around yield-generating ETH positions).

Simultaneous large exchange deposits from Galaxy Digital have seemingly sent a contradictory signal to market participants watching institutional flows.

The divergence extends to the broader exchange-traded fund (ETF) landscape with Bitcoin ETFs adding $336 million in a single session earlier this month as ether’s institutional inflow trajectory remained more muted, revealing a clear disparity in institutional conviction levels between the two largest crypto assets by market cap.

For ETH bulls, the continued Bitmine staking activity provides a counternarrative to the distribution signal, but for the bears, approximately 45,000 ETH appearing on centralized exchange books within a single 15-hour trading window represents meaningful new supply hitting the market at a price level where sentiment remains fragile.

Galaxy Digital has not publicly commented on the transactions. The firm does not typically disclose individual treasury movements.

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