đđThey Are Looking for an Excuse to Sell Ethereum: The Giant Company Says Goodbye to 17,900 Coins! đđ
The corporate cryptocurrency services provider named Elwood worried investors with its Ethereum (ETH) transactions.
According to on-chain analysis data provided by Lookonchain, Elwood made a significant move on Ethereum on Tuesday, July 9. The company transferred 17,900 ETH, with a total value of $54.9 million, to the cryptocurrency exchange Binance in the last 2 days.
Although there is no official explanation as to why Elwood made this transaction, market commentators think that this move is a preparatory transfer before the sale.
Sales Pressure of Giant Companies
Large companies, affected by the volatile environment of the cryptocurrency market, have come to the fore with Ethereum sales in recent days and weeks. In particular, a corporate company called Golem created a significant sales pressure by transferring 29,000 ETH worth $88.9 million to Binance, Coinbase and Bitfinex in the last 5 days.
Ethereum is trading at $3,090 at the time of writing, gaining 1% in the last 24 hours.
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