Corporate Ethereum (ETH) Whales Are On The Move Again! Is New Selling Pressure Coming? Here’s What They’ve Done!

Golem Network, which received 820,000 ETH from the Ethereum ICO, has started selling again.

Golem Network, a DeFi platform, has moved more than 4,000 ETH to cryptocurrency exchanges Binance and Coinbase, according to Arkham data.

As you may recall, over the past two months, the Golem Network address has sold over $100 million worth of ETH, creating selling pressure on the price.

According to Arkham data, Golem still has another 22,834 ETH in his possession, worth approximately $60 million.

Institutions Are Selling Ethereum (ETH)!

Institutional investors continue to sell Ethereum outside of Golem Network. Cumberland DRW also invested $20.8 million worth of ETH in Coinbase, according to data from blockchain analytics firm Scopescan.

Cryptocurrency trading firm Cumberland DRW recently deposited 8,000 ETH (worth $20.8 million) to the Coinbase Exchange via four addresses.

Cumberland DRW currently holds 5,500 ETH worth approximately 14.5 million.

Ethereum, which has gained 1.1% in the last 24 hours, continues to be traded at $2,630 at the time of writing.

*This is not investment advice.