Ethereum Golem Address Transfers 4000 ETH to Exchanges, Another Sell-off Coming?
Highlights
- Over the past month, the Ethereum Goldem Address has moved more than $100 million in ETH.
- Long-term Ethereum HODLers have been liquidating their supplies showing drop in confidence.
- ETH institutional participation has also waned as spot Ether ETF outflows continue.
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 as it trades around $2,600 levels for more than a week. 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.
Ethereum price analysis by CoinGape Markets predicts a rally to $3,000 amid the recent development activity ahead upcoming Pectra upgrade. However, veteran trader Peter Brandt says ETH price will continue range-bound until it break above 3,050.
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