Ethereum ICO participant Golem Network resumes its selling spree by transferring 4,850 ETH worth $13.2 million to liquid exchanges.
Golem, a leading decentralized computing network, has transferred 4,850 ETH from one of its associated wallets, ‘0x159…53b94’, to Binance and Coinbase. With ETH currently trading at $2,756 per coin, the moved 4,850 ETH are worth $13.36 million.
Transaction Details
The team behind the project shifted the funds to Binance and Coinbase in nine separate transactions on February 20 between 15:46 (UTC) and 18:19 (UTC).
Most of the funds went to Binance, with the exchange’s deposit address receiving 3,800 ETH, worth $10.47 million. However, according to Arkham Intelligence data, the Golem team moved the remaining 1,050 ETH ($2.89 million) to Coinbase’s deposit address.
Prior to its latest transaction, the last time Golem moved some ETH to an exchange was on September 24, 2024, five months ago. At the time, the Ethereum ICO participant transferred 2,000 ETH to Coinbase in five transactions.
Ethereum Shows Resilience Amid Massive Dump
It bears mentioning that tokens moved to exchanges are often for sale into USDT or swapped for other digital assets. A sell-off of this magnitude could create downward pressure on the price of ETH, depending on the pace of the liquidation.
While it is challenging to confirm this, a glance at the Ethereum chart shows that ETH suffered a sharp dip around the transaction period.
ETH, which was trading around $2,764 an hour before the transaction, crashed to a daily low of $2,708 a few minutes after the first set of funds moved to Binance.
Meanwhile, Ethereum’s price rebounded to a daily high of $2,770 before declining slightly to $2,756.
Golem ETH Holding
Meanwhile, following the transaction, the sending wallet currently has a balance of 2,300 ETH worth $6.34 million. The transaction comes a day after a multi-sig wallet affiliated with Golem transferred 7,250 ETH to the sending wallet.
Currently, this multi-sig wallet holds $128.3 million worth of tokens. ETH ranks as the second-biggest asset in the portfolio, with a dollar value of $34.07 million (12,389 ETH).
For context, Golem, which participated in the Ethereum ICO in 2016, received a total of 820,000 ETH, worth $2.26 billion at the current price. Since then, the Golem team has embarked on a selling spree to potentially fund the development of its network.
Notably, The Crypto Basic has reported a series of Golem’s transfers to exchanges. In August 2024, Golem sold 8,000 ETH on Binance and Coinbase within two weeks. It also deposited over 29,000 ETH to multiple crypto exchanges in the previous month before staking 40,000 ETH.
