Ethereum's On-Chain Metrics Indicate Potential Bullish Outlook Amid Institutional Selling Pressure

Galaxy Digital's recent deposit of 45,000 Ethereum (ETH) worth over $100 million into three crypto exchanges has raised concerns about institutional selling pressure on the second-largest cryptocurrency. However, an examination of on-chain data reveals a contrasting picture.

The transfer, which consisted of multiple deposits across Binance, Bybit, and OKX, may reflect client orders rather than a directional bet by Galaxy Digital. This is because exchange deposits do not confirm a sale on their own, leaving room for alternative interpretations.