Ethereum Golem Address Moves 4,000 ETH to Crypto Exchanges; More Selloffs Underway?

There's a growing concern in the crypto market as an old Ethereum address, calledthe Golem address, sends over 4000 ETH to exchanges.

This move comes after the same address transferred $100 million worth of ETH last month. Moreover, other Ethereum whales have recently been moving substantial amounts of Ether coins.

This massive movement of Ether from large holders to crypto exchanges raises questions about whether another downturn is underway.

Ethereum Golem Address's Large Transaction Sparks Concerns

The Ethereum Golem address is making headlines again, moving over $10 million in Ether to Coinbase and Binance. Data from Arkham Intelligence shows Golem transferred 4,000 ETH 18 hours ago to Coinbase and Binance after Ethereum's rebound above $2,600.

Notably, this address is a multi-signature address dating back to Ethereum's ICO days in 2016, when it raised a whopping 820,000 ETH.

Over the past week, it has moved more than 8,000 ETH to popular exchanges like Binance and Coinbase. Over the past month, the Golem address has moved more than $100 million in ETH, exerting significant selling pressure on the price of Ether.

However, the address still holds 22,834 ETH, valued at approximately $59.8 million based on the current Ethereum market price of $2,623.

The recent moves have sparked concerns about the potential impact on ETH's price. Such a significant transfer by big players typically impacts prices. Some worry that these transfers might lead to a selloff, pushing Ethereum's price down.

According to Lookonchain, on July 11, the Golem project sent 3,000 ETH to Binance, Bitfinex, and Coinbase.

It also moved another 40,000 ETH worth $124.6 Million to an unknown address, 0x159a." Following these transactions, ETH prices plummeted from $3,200 to $3,054 the next day.

Whales on the Move

It's not just the Golem address that's been active. Other Ethereum whales have also been moving their coins lately.

According to Sportonchain's data, a diamond hand" ETH whale moved 25,000 ETH ($73.9M) to the Kraken exchange over the past month.

The August 21 post shows that the wallet made the transaction twice. The first was 15,000 ETH 11 hours ago," while the second was 10,000 ETH.

These transactions also affected ETH's price. Usually, when whales start selling, it can put pressure on the price. Ethereum pulled back from over $2,600 to a little above $2,500 on Wednesday, August 21. However, it has recovered slightly and is currently vying to break above $2,623.

Ethereum ETFs See Outflows as Whales Make Moves

While whales are making moves, institutional investors seem to be pulling back. The recently launched spot Ethereum ETFs have seen consistent outflows.These ETFs recorded their fifth straight day of outflows, totaling $18 million.

Interestingly, the Grayscale Ethereum ETF (ETHE) has been hit particularly hard, with $31 million in outflows on August 21 alone.

Moreover, The Grayscale ETHE recorded an outflow of 42.5 million. Since its launch last month, ETHE has lost over $2.5 billion.

Some of this money has likely moved to BlackRock's ETHA, which has gained over $1 billion. This could be another factor putting pressure on Ethereum's price.

Despite these challenges, Ethereum's team continues to explore ways to develop the network. Vitalik Buterin, Ethereum's co-founder, recently proposed a new concept, plurality," in a blog post.

This idea aims to improve how blockchain systems work together and boost decentralization. To achieve this, Vitalik said there needs to be a shift in mentality: the ideology that maintains the crypto space needs to transcend the ideology that created it."

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