Ethereum
Ethereum (ETH) Breaks Free From Top Whale Selloff — TradingView News
Ethereum ETH/USD has just been freed from an aggressive sell-off by a prominent whale, spotted about a week ago. According to data from crypto analytics platform Lookonchain, the Ethereum whale, identified as the open-source decentralized computing platform Golem Project, has just staked 40,000 ETH. This staked fund is worth $124.6 million at the time of staking.
Freedom for Ethereum after massive sell-off
According to previously referenced Lookonchain posts, the Golem project began sending thousands of ETH to centralized exchanges on July 8. During the first wave of sales, the protocol sent 24,400 ETH worth approximately $72 million to Binance, Coinbase, and Bitfinex.
The Golem project was one of the founding beneficiaries of Ethereum’s ICO back in 2016. At the time, the protocol raised 820,000 ETH while the coin was trading at just $10.2.
Golem (@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH ($124.6 million) 8 hours ago. https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG — Lookonchain (@lookonchain) July 11, 2024
With the sale activated, this week the company also transferred an additional 4,600 ETH, valued at $14.1 million, to Binance and Bitfinex, as of July 9. On July 10, another deposit of 3,000 ETH was made to Binance, Bitfinex, and Coinbase.
The staked Ethereum was also moved on July 10, and while many feared further selling, the Golem project decided to lock up the funds for the time being.
Perfect timing
Ethereum is the second major cryptocurrency responsible for the overall market decline at the moment. While the sentiment of the Ethereum spot ETF should support sentiment and price growth, the reversal is underway.
Initially, investors saw the ETF as a major catalyst to drive growth and thus went all out to buy the cryptocurrency. With Bitcoin losing its position in the industry, the ripple effect on Ethereum saw many HODLers dump their bags.
Knowing that its sales could trigger a market crash, the Golem Project decided to sell its bag at a time when the impact would be least felt.