The Ethereum notable Golem address has been reactivated, transferring over 4,000 ETH to major cryptocurrency platforms Binance and Coinbase. This week alone, the address, which originates from the ICO era, has moved double that amount. This surge in activity from the Golem address and other substantial Ethereum holders is pressuring ETH’s market price.
Golem Address Moves Ether to Major Exchanges
Tracing back to the initial Ethereum ICO in 2016, which amassed an impressive 820,000 ETH, the Golem address has recently shifted $100 million worth of ETH. According to data from Arkham Intelligence, it retains approximately 22,834 ETH, valued at around $60 million.
The Golem multi-signature address: 0x7d…6CF9, which raised 820,000 ETH in the ICO in 2016, transferred 4,000 ETH to Coinbase Deposit and Binance Deposit. Currently, the Golem multi-signature address: 0x7d…6CF9 still holds 22,834 ETH, worth about 59.81 million US dollars.…
— Wu Blockchain (@WuBlockchain) August 22, 2024
During the peak ICO period in 2016, the Ethereum Golem project became well-known for its decentralized computing power marketplace. This platform allowed individuals to rent their spare computational capacity in exchange for GLM tokens.
Whales Influence Market with Major Sales
This (stout activity) happens when the Ethereum whales are trading out their coins. One of the largest Ethereum addresses in the past month, an ETH whale, sold nearly 40,000 ET, and there are hints that institutional investors have abandoned ETH.
With the Ethereum price lingering around the $2,600 mark for over a week, proponents like co-founder Vitalik Buterin are pushing for innovations. Buterin recently introduced the concept of “plurality” in blockchain interactions to enhance decentralization.
The backdrop of these massive transfers includes a decrease in institutional engagement, as evidenced by consecutive days of net outflows from Ethereum-based exchange-traded funds (ETFs). On Wednesday, August 21, spot Ethereum ETFs marked a fifth straight day of withdrawals, totaling $18 million.
The Grayscale Ethereum Trust (ETHE) recorded significant outflows of $31 million just yesterday. Since its inception last month, ETHE has seen over $2.5 billion left, while BlackRock’s ETHA has enjoyed an influx of $1 billion since its launch.
Given such massive fluctuations both on and off the exchange, the internal tendencies of the Ethereum market remain rather fluid, which is explained by the tendency observed in the rest of the crypto industry.
12,639 #ETH (33,352,623 USD) transferred from unknown wallet to #Coinbasehttps://t.co/oH7AoNhWLD
— Whale Alert (@whale_alert) August 21, 2024
Whale Alert also noted an increase of 12,639 ETH on the Ethereum network, which was equivalent to about $33. Thirty-five million dollars worth of Bitcoins was moved from an unnamed pocket to Coinbase. A lot of emphasis has been laid on this transaction. When it comes to such transfers, their impact on a certain market is considered.
In the last 24 hours, we’ve seen an increase in Ether prices, as per the market rates. During this period, its value fluctuated between a low of $2,538.66 and a high of $2,622.95.
As of the reporting time, Ethereum had risen by 1% and was trading at $2,631 in the European trading session. As reported by CoinMarketCap, the trading volume also stepped up to $ 12 billion, which is 9% higher than yesterday.
The post Ethereum Golem Address Reactivates, Transfers 4,000 ETH to Exchanges appeared first on Coinfomania.
