Galaxy Digital Executes $172M ETH Withdrawal from Exchanges
Galaxy Digital has moved 37,808 ETH—approximately $172 million—off multiple cryptocurrency exchanges within a 24-hour window, according to blockchain analytics firm The Data Nerd. This significant outflow joins another large withdrawal by a whale address, 0xE75, which pulled 17,591 ETH (around $81.5 million) from Coinbase. Such concentrated ETH withdrawals by institutional players and whales often signal reduced exchange liquidity and potential bullish sentiment, as assets removed from trading platforms are typically locked in custody or staking. Crypto traders should monitor exchange reserves and on-chain data: sustained outflows can tighten supply, influence short-term price swings, and reflect broader confidence in Ethereum’s long-term outlook.
Bullish
Large-scale withdrawals of ETH from exchanges by institutional players like Galaxy Digital reduce on-exchange supply and typically signal heightened bullish sentiment. Historical precedents—such as significant outflows during bullish phases in 2020 and staking surges—show reduced exchange balances can limit sell-side pressure and precede price rallies. In the short term, traders may see tightened liquidity driving volatility; over the long term, these outflows reflect institutional confidence in Ethereum’s fundamentals and staking prospects, underpinning a positive market outlook.