As a researcher with extensive experience in the crypto market, I’ve closely monitored the recent Ethereum (ETH) selloff instigated by one of the largest Ethereum whales, the Golem Project. The sudden selling spree began on July 8, with the protocol transferring a substantial amount of ETH to major exchanges like Binance, Coinbase, and Bitfinex.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development regarding Ethereum (ETH). Approximately a week ago, a significant Ethereum whale, later identified as the Golem Project – an open-source decentralized computing platform, made a noteworthy move. They staked an impressive amount of 40,000 ETH. At the time of this action, the value of this staked fund totaled approximately $124.6 million. This stake likely contributed to Ethereum’s recent relief from the aggressive selloff it had experienced.
Ethereum Freedom After Intense Selloff
According to Lookonchain’s earlier mentions, the Golem Project initiated large Ethereum transfers to central exchanges on July 8th. In the initial phase of selling off, the protocol moved around 24,400 ETH, equivalent to roughly $72 million, to Binance, Coinbase, and Bitfinex.
The Golem Project was among the initial projects to significantly benefit from Ethereum’s ICO, which took place as early as 2016. During this event, Ethereum managed to collect approximately 820,000 ETH when each coin cost around $10.2.
This week, the organization initiated sell-offs totaling 4,600 ETH, equivalent to $14.1 million, which were transferred to Binance and Bitfinex by July 9. On July 10, an additional 3,000 ETH was deposited into these three exchanges.
On July 10, the Ethereum staked by the Golem Project was transferred, causing apprehension among some observers about potential further sell-offs. However, the Golem team opted to securely store these funds for the time being.
Perfect Timing
At present, Ethereum ranks as the second significant cryptocurrency contributing to the broader market downturn. Contrary to anticipation, the mood surrounding Ethereum’s spot ETF is showing signs of sustaining negative sentiments rather than driving price growth.
As a researcher studying the cryptocurrency market during its early stages, I observed that investors viewed the ETF as a significant catalyst for growth and consequently made large purchases of Ethereum in particular. However, with Bitcoin‘s decline in industry dominance, the ripple effect led many HODLers (holders) to sell off their Ethereum holdings.
To minimize the potential market downturn from selling, The Golem Project chose to dispose of their holdings when the effect on the market would be minimal.
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2024-07-11 16:05