• Ethereum price is down 12% in the past seven days.

  • Golem transferred around 820K ETH in 37 days.

Amid a challenging bearish market, Ethereum has recently approached a four-month low, dropping from $3,043.58 to $2,826.48 over the past 24 hours. However, there is a tentative recovery with a modest 2% increase noted at the time of writing.

One of the most notable developments amid this volatility has been significant cryptocurrency transfers involving major entities. Golem, which initially raised 820,000 ETH in a 2016 ICO, has transferred 36,000 ETH to platforms like Binance, Coinbase, and Bitfinex over the past 37 days, amounting to approximately $115 million. Currently, Golem retains 231,400 ETH, valued at about $656 million.

Additionally, the German government has executed substantial BTC transactions, including a recent transfer of 1,000 BTC ($55.8 million), with 500 BTC ($27.9 million) deposited into Bitstamp and Kraken.

The German Government transferred out another 1,000 $BTC ($55.8M) 20 minutes ago, of which 500 $BTC ($27.9M) has been deposited to #Bitstamp and #Kraken.Since June 20, they have moved out a net amount of 11,033 $BTC ($669M) at an average price of $60,669.Currently, the German… https://t.co/cDc6TJsUm7 pic.twitter.com/hmq1zcYcJn

— Spot On Chain (@spotonchain) July 8, 2024

Since June 20, their net outflow has totaled 11,033 BTC ($669 million) at an average price of $60,669 per BTC. The German government now holds 38,826 BTC, equivalent to approximately $2.16 billion.

Bearish Market Influence?

Further influencing market sentiment, the defunct exchange Mt. Gox has recently initiated creditor repayments, notably transferring around $84.87 million worth of BTC to Bitbank’s hot wallets. This move has exacerbated bearish sentiment across altcoins, particularly impacting Ethereum amid its recent declines.

Analysts suggest that these developments underscore the intricate dynamics of the market, where large-scale transactions by influential entities can significantly sway market trends, amplifying both volatility and investor scrutiny.

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