Ethereum Golem Address Transfers 4000 ETH to Exchanges, Another Sell-off Coming?

Ethereum Golem address is active once again moving more than 4000 ETH to crypto exchanges Binance and Coinbase. Over the last week, the Golem multi-signature address, belonging to the ICO era, has moved over 8,000 ETH to exchanges. This development comes as other ETH whale addresses have also started moving their coins.

Ethereum Golem Address Turns Active Again

The Ethereum Golem Address belongs to the initial days of the Ethereum ICO, dating back to 2016 when it raised a staggering 820,000 ETH. Over the past month and more, the Golem address has moved a staggering $100 million worth of ETH thereby putting selling pressure on the ETH price.

As per the data from Arkham Intelligence, the Golem multi-signature address 0x7d…6CF9 still continues to hold 22,834 ETH worth around $60 million as of the current ETH price.

During the ICO frenzy back in 2016, the Ethereum Golem project gained popularity as a marketplace for decentralized computing power. The concept involved users renting out their unused computational resources and thereby earning the native GLM tokens in return.

Interestingly, this development occurred when the Ethereum whales have been on a profit-booking spree recently. Over the past month, the “diamond hand” ETH whale has transferred nearly 40,000 ETH to crypto exchange highlighting a strong drop in institutional interest for the world’s largest altcoin.

As a result, the Ethereum bulls have been struggling to pull off another rally from here with the Ethereum price flirting around $2,600 levels for more than a week’s time. However, Ethereum co-founder Vitalik Buterin continues to work on future developments while recently proposing the concept of “plurality” to change how blockchain systems interact and thereby boost the concept of decentralization.

Ethereum ETF Outflows Continue

Amid the massive moves from ETH whales and Ethereum Golem address, institutional participation in the altcoin also seems to be waning as per the continuous outflows from the spot Ethereum ETFs.

On Wednesday, August 21, the spot Ether ETFs recorded the fifth consecutive day of outflows, at $18 million. The Grayscale Ethereum Etf ETHE has been the major spoilsport with $31 million in outflows yesterday. Since its launch last month, ETHE has already seen more than $2.5 billion in outflows. Most of it has likely moved to BlackRock’s ETHA which has now crossed the milestone of $1 billion in inflows since launch.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.