Galaxy Digital moves 45,000 ETH ($104M) to Binance, Bybit, and OKX in 15 hours.

Two wallets linked to Galaxy Digital deposited 45,000 ETH — worth approximately $104 million — across Binance, Bybit, and OKX over a 15-hour window, on-chain data shows. Exchange deposits of this scale from a known institutional wallet are typically a precursor to selling activity.

The move adds near-term pressure to ETH's order books across three of the largest spot venues simultaneously. Whether Galaxy is liquidating a position, rebalancing, or moving assets for custody reasons remains unconfirmed — but the size and speed of the transfer is drawing attention from on-chain analysts tracking whale flows.