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.

Golem Network, a decentralized computing network, has shifted 4,850 ETH from one of its associated wallets, ‘0x159…53b94’, to Binance and Coinbase on February 20.

With ETH currently trading at $2,756 per coin, the moved 4,850 ETH are worth $13.36 million. The transaction occurred in nine parts throughout the day, beginning at 15:46 (UTC) and concluding at 18:19 (UTC).

According to the transaction details on Etherscan, the majority of the funds were sent to Binance's deposit address, totaling 3,800 ETH, valued at $10.47 million. However, the remaining 1,050 ETH ($2.89 million) were shifted to Coinbase's deposit address, as per Arkham Intelligence data.

Prior to this latest transaction, the last time Golem moved some ETH to an exchange was five months ago on September 24, 2024. At the time, the Ethereum ICO participant transferred 2,000 ETH to Coinbase in five transactions.

It's worth noting that tokens moved to exchanges are often for sale into USDT or being 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.

After the transaction, the sending wallet now has a balance of 2,300 ETH, valued at $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.