ETH 2016 ICO Golem Wallet Move 4000 ETH to Coinbase, Binance

The ETH 2016 ICO era Golem wallet has moved 4,000 ETH to Coinbase and Binance deposit, after being inactive for quite some time.

According to the blockchain intelligence platform, Arkham, Golem’s multi-sig wallet has transferred 4,000 ETH worth US$10 Millions to other wallet, which later sent the sum to exchanges like Binance, and Coinbase.

Even after huge transactions over the month, the Golem address, 0x7d…6CF9 still holds 22,834 ETH, worth nearly US$59.81 Million.

Over the last week, the Golem wallet has transferred over 8,000 ETH worth over $20 Million.

This Ethereum Golem Address belongs to the 2016 Ethereum ICO when it raised a whopping 820,000 ETH. But the wallet had, for long been, dormant. However, over the past month and more, the Golem address has transferred $100 million worth of ETH, with over 40k ETH transferred on 10th July alone. These massive transactions have added selling pressure on the ETH price.

The Ethereum Golem project had gained popularity as a marketplace for renting out users’ unused computational resources in exchange of GLM tokens. Golem is currently trading at $0.3174, and has gained 4.65% in the past 24 hours.

The transactions come at a time, where ETH ETF have been witnessing major outflows. On August 21, the total net outflow of Ethereum spot ETFs was $17.9688 Million. Grayscale ETF ETHE had an outflow of $31.1431 million. But Fidelity ETF FETH had an inflow of $7.9286 million, and Grayscale mini ETF ETH, too, had an inflow of $4.2422 million.

Also Read: Golem’s Ethereum Sell-Off: Offloads 24,400 ETH