Ethereum Golem address has recently become active again, transferring over 4,000 ETH to Binance and Coinbase.
For the second time, the Ethereum Golem address is operational and it has transferred more than 4,000 ETH to the cryptocurrency exchanges Binance and Coinbase. During the initial coin offering (ICO) period, the Golem multi-signature address transferred over 8,000 ETH to various exchanges in the past week.
Ethereum Golem Address Turns Active Again
This new development occurs at the same time that other addresses associated with ETH whales have begun shifting their wealth. The Ethereum Golem Address is associated with the early days of the Ethereum Initial Coin Offering (ICO), which took place in 2016, when it successfully raised an astounding 820,000 ETH.
Over the past month and beyond, the Golem address has moved an astounding one hundred million dollars’ worth of Ethereum, resulting in selling pressure on the price of Ethereum. In to with the information provided by Arkham Intelligence, the Golem multi-signature address 0x7d…6CF9 is still in possession of 22,834 ETH, which is equivalent to over $60 million at the present price of ETH.
The Ethereum Golem project became well-known as a marketplace for decentralized computing power during the initial coin offering (ICO) craze that occurred in October of 2016. Users were able to obtain native GLM tokens by renting out their unused computing resources and earning them back. This was the concept’s underlying idea.
It is noteworthy to note that this development took place at a time when Ethereum whales have been on a profit-booking spree in recent circumstances. The fact that the “diamond hand” ETH whale has transferred approximately 40,000 ETH to a cryptocurrency exchange over the past month highlights a significant decrease in institutional interest in the world’s largest alternative cryptocurrency.
As a result, the bulls in Ethereum have had a difficult time launching another rally from this point on, as the cryptocurrency has been trading around the $2,600 levels for more than a week.
On the other hand, Vitalik Buterin, one of the co-founders of Ethereum, is consistently working on future advancements. Recently, he proposed the idea of “plurality” as a means of altering the way blockchain systems interact with one another and, as a result, enhancing the idea of decentralization.
Despite the large moves made by Ethereum whales and Ethereum Golem addresses, it appears that institutional engagement in the alternative cryptocurrency is also decreasing. The ongoing withdrawals from spot Ethereum exchange-traded funds (ETFs) provide evidence of this.
Ethereum ETF Outflows Continue
The spot Ether exchange-traded funds (ETFs) experienced a loss of $18 million on Wednesday, August 21, marking the fifth straight day of outflows. The Grayscale Ethereum Exchange-Traded Fund (ETHE) has been the most significant loser, as it experienced outflows of $31 million yesterday.
Since its first introduction earlier this month, ETHE has already experienced outflows of more than $2.5 billion. Most likely, BlackRock’s ETHA has received the majority of these outflows, surpassing the milestone of one billion dollars in inflows since its introduction.
A recent development activity in anticipation of the imminent Pectra update has led to a prediction that the price of Ethereum will increase to $3,000 in the near future.
Peter Brandt, a seasoned trader, expects the price of Ethereum to remain range-bound until it breaks above 3,050.
