Galaxy Digital Dumps $104M Ethereum to Exchanges, Reviving Selloff Fears

Galaxy Digital-linked wallets transferred roughly 45,000 ETH ($104 million) to Binance, Bybit, and OKX over a 15-hour window on April 28, 2026, intensifying fears of institutional selling and supply pressure. This follows an earlier ~38,000 ETH withdrawal from Aave and contributes to Galaxy's April exchange inflows of ~49,681 ETH, contrasting with Bitmine's staking of 98,352 ETH that locks up supply. ETH dipped 1.5% amid the news, as Bitcoin ETFs saw stronger inflows, leaving short-term bearish risks elevated despite staking support. Traders watch exchange reserves for potential sell orders.