Ethereum is facing renewed selling pressure concerns after Galaxy Digital transferred 45,000 ETH worth over $100 million to major exchanges.
The deposits were spread across Binance, Bybit and OKX, typically a signal that assets may be prepared for sale, though not confirmation of liquidation.
“The continuous ascent of the active addresses’ SMA 100 is a clear indicator of growing fundamental demand, expanding network adoption, and a highly dynamic ecosystem,”
Said CryptoOnchain.
Despite the transfers, onchain data shows ETH exchange reserves have fallen to around 14.5 million, the lowest level since 2016, as more than 331,000 ETH has been withdrawn since April 19.
Corporate accumulation remains strong, with BitMine adding over 100,000 ETH in a single week, while US spot ETH ETFs have recorded three consecutive weeks of inflows.
Following the update the Ethereum price was down 4% at $2,288.
Rising network activity, including a record 100-day average of 587,000 active addresses, alongside improving market sentiment, suggests Ethereum may be undervalued despite short-term selling risks.
At the time of reporting, Ethereum price was $2,324.04.