Ethereum’s Golem address, a well-known whale in the cryptocurrency community, has become active once again, transferring over 4,000 ETH to major exchanges like Binance and Coinbase. This movement comes as the crypto market braces for another potential sell-off, following a month of significant activity from ETH whales.
Ethereum Golem Address Turns Active Again
The Ethereum Golem address dates back to the initial Ethereum ICO in 2016, during which it raised 820,000 ETH. Recently, this address has been making headlines as it has moved a staggering $100 million in ETH over the past month, contributing to selling pressure on Ethereum’s price.
According to data from Arkham Intelligence, the Golem multi-signature address, 0x7d…6CF9, still holds around 22,834 ETH, worth approximately $60 million at the current price. This renewed activity is taking place as other major ETH whale addresses also begin liquidating their holdings, sparking concerns about a potential market downturn.
Long-term HODLers Liquidating
The ongoing liquidation of ETH holdings by long-term investors suggests a dip in confidence in Ethereum’s short-term prospects. Over the last month, ETH whales have transferred close to 40,000 ETH to exchanges. This significant movement highlights a decrease in institutional interest in the second-largest cryptocurrency by market cap.
For over a week, Ethereum’s price has struggled to break free from the $2,600 level, despite various market efforts. The continued whale selling has created a bearish sentiment in the market, with bulls finding it difficult to drive another rally.
Ethereum ETF Outflows Add to Concerns
In addition to the whale sell-offs, Ethereum’s institutional participation appears to be declining, as evidenced by continuous outflows from spot Ether ETFs. On August 21, spot Ether ETFs recorded their fifth consecutive day of outflows, amounting to $18 million. Grayscale’s Ethereum ETF (ETHE) has seen significant outflows, with $31 million withdrawn just yesterday, further dampening market sentiment.
Since its launch last month, Grayscale’s ETHE has experienced more than $2.5 billion in outflows, with many of those funds likely moving to BlackRock’s ETHA, which has already crossed the $1 billion inflow milestone since its inception.
Future Outlook for Ethereum
Despite the current challenges, Ethereum co-founder Vitalik Buterin remains focused on future developments, recently proposing the concept of “plurality” to enhance the way blockchain systems interact, potentially boosting decentralization.
Market analysts remain divided on Ethereum’s future price movement. CoinGape Markets predicts a rally to $3,000, driven by upcoming development activities, including the Pectra upgrade. However, veteran trader Peter Brandt cautions that ETH’s price will likely remain range-bound until it can break above $3,050.
For now, Ethereum traders are keeping a close eye on whale activity, institutional movements, and upcoming upgrades to gauge the future direction of the world’s largest altcoin.
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