- Galaxy’s $98M ETH transfers to Binance closely tracked Ethereum’s sharp price fall.
- Repeated large deposits signaled structured selling, not simple fund movement.
- The lack of buy-side absorption deepened bearish sentiment and broke key supports.
Galaxy Digital moved over 60,600 ETH, valued at approximately $98 million, to Binance wallets over the past month. This sustained series of transfers occurred during Ethereum’s extended downtrend, with the price falling from over $4,000 to under $1,700. Ethereum traders tracked on-chain data linking consistent high-volume outflows from the Galaxy OTC wallet 0x335 to Binance.
The address 0x335 was identified as moving heavy volumes of ETH across multiple recent sessions. “Just panic vibes or are they unloading?” Patel stated in an update that logged multiple 10K+ ETH transactions. The transfers became more frequent in the past week, with at least five separate transfers exceeding $16 million each.
Galaxy’s ETH movement to Binance spanned three months but concentrated heavily in April, as prices broke key support levels. Most tokens went to a single deposit address—0x328—with smaller volumes sent to a secondary route, wallet 0x119. Volume consistency, transaction size, and Binance concentration indicated strategic sell positioning rather than routine fund movement.
Ethereum Market Impact Deepens
According to a report by CoinMarketCap, Ethereum fell over 60% from December 2024 to April 2025 amid sell-side dominance. Galaxy’s movements correlated closely with this decline, especially during March and April, when transfer frequency surged. Each transaction preceded or coincided with visible chart breakdowns, including the loss of $3,000 and $2,000 support zones.
These deposits directly impacted exchange supply, putting downward pressure on the ETH price in the absence of offsetting demand. The timing of transfers caused trader sentiment to turn defensive, amplifying fear-based selling and technical breakouts. Blockchain data confirmed zero signs of accumulation or token return to the treasury, marking an extended distribution cycle.
ETH price candles during this time were marked by lower highs and aggressive sell volume following each ETH transfer. Trading volume consistently spiked on or shortly after large Binance-bound moves, underlining Galaxy’s influence on liquidity. No institutional inflows or rebalancing activity countered this pattern, reinforcing bearish outlooks across Ethereum markets.
Strategy, Exposure, and Market Implications
While Galaxy Digital has not publicly confirmed the motive, the transfer structure reflects intentional strategic repositioning or selling. According to a report by blockchain monitors, the firm may be executing risk-off maneuvers typical of OTC desks under pressure. Custody patterns, consistent destinations, and withdrawal absence confirm transactional intent rather than internal reallocation.
Over 90% of ETH was routed to a single Binance address, establishing a clear operational flow for asset unloading. Only two transactions used the 0x119 deposit route, accounting for less than 0.5% of the total volume tracked. Such concentration is rare in organic flows, typically pointing to targeted sell events designed for market liquidity access.
Institutional actors like Galaxy significantly influence market structure when initiating consistent exchange-bound flows at scale. These behaviors affect technical setups, support levels, and buyer confidence, especially without visible market absorption. Until this pattern ends, Ethereum’s short-term recovery faces structural resistance rooted in ongoing OTC sell-side activity.
