Galaxy Digital moves 45,000 ETH to Binance, Bybit and OKX
On April 28, wallets linked to Galaxy Digital deposited about 45,000 ETH (over $104 million) to Binance, Bybit and OKX within a 15-hour window, onchain data shows.
On April 28, wallets connected to Galaxy Digital transferred about 45,000 ether, valued at more than $104 million, to Bybit and Binance and OKX over a roughly 15-hour period, according to onchain data.
The transfers were routed through multiple centralized exchanges, putting Bybit vs Binance into a real market-flow context. Onchain analysts identified the deposits as originating from wallets linked to Galaxy Digital and found the funds were split across the three platforms.
Records show Galaxy Digital deposited roughly 49,681 ETH into centralized exchanges in the days before April 28. Before those exchange inflows, the firm withdrew about 38,000 ETH from the Aave lending protocol, indicating an unwinding of a lending position prior to the exchange deposits.
Analysts who track onchain flows say splitting large balances across multiple exchanges is a pattern commonly associated with preparing assets for sale rather than internal custody consolidation.
The transfers occurred amid mixed institutional activity in crypto markets. One institutional holder, Bitmine, holds about 98,352 staked ETH, a position valued at more than $229 million. Separately, bitcoin-focused exchange-traded funds recorded inflows earlier in the month, with bitcoin ETFs adding roughly $336 million in a single session.
Galaxy Digital has not publicly commented on the transfers. The firm typically does not disclose individual treasury movements.
Galaxy Digital is a diversified digital asset firm that manages trading, asset management and balance-sheet activities. Market participants routinely use onchain flow analysis to track potential supply and demand shifts. Centralized exchange deposits are one indicator because funds on exchange books are available for trading rather than held in cold wallets or staked contracts.
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