As a seasoned researcher who has witnessed the evolution of the crypto space from its early inception, I find myself both intrigued and cautiously optimistic about the recent activities surrounding the Ethereum Golem address. The sight of such a storied address from the Ethereum ICO era moving large amounts of ETH to exchanges like Binance and Coinbase brings back memories of the market frenzy that characterized those days.
The Ethereum address associated with Golem is now active again, transferring approximately 4000 ETH to crypto platforms Binance and Coinbase. Over the past week, a multi-signature address linked to the ICO period for Golem has moved nearly 8,000 ETH to exchanges. This recent activity follows similar movements by other large Ethereum wallets.
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.
According to the information provided by Arkham Intelligence, I’ve noticed that the Golem multi-signature wallet with the address 0x7d…6CF9 remains in possession of approximately 22,834 Ether, which is roughly equivalent to $60 million considering the current Ethereum price.
In the heat of Initial Coin Offerings (ICOs) in 2016, the Ethereum Golem project became well-known for creating a marketplace offering decentralized computing power. Essentially, users could rent out their idle computational resources and receive native GLM tokens as payment.
Notably, Ethereum whales have been offloading their profits over the last month, as indicated by a significant transfer of approximately 40,000 ETH to cryptocurrency exchanges. This action suggests a notable decrease in institutional investment in Ethereum, the leading altcoin globally.
Due to recent market conditions, Ethereum bulls have been finding it tough to initiate another price surge, as the value of Ethereum has hovered around $2,600 for over a week. Yet, Ethereum’s co-creator Vitalik Buterin is persistently working on new advancements and recently put forth the idea of “plurality” to redefine how blockchain networks communicate, potentially enhancing the principles of decentralization.
Ethereum ETF Outflows Continue
In light of significant transactions by Ethereum whales and the Ethereum Golem account, it appears that institutional involvement in this altcoin is decreasing, as indicated by the persistent withdrawals from Ethereum-based exchange-traded funds (ETFs).
As a researcher, I observed on Wednesday, August 21st, that the Ether ETFs experienced their fifth consecutive day of withdrawals, totaling approximately $18 million. The Grayscale Ethereum ETF (ETHE) was largely responsible for this trend, with an outflow of around $31 million the previous day. Since its debut last month, ETHE has already witnessed over $2.5 billion in withdrawals. It appears that a significant portion of these funds may have shifted towards BlackRock’s ETHA, which has now surpassed the $1 billion mark in inflows since its launch.
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2024-08-22 09:27