Golem Moves 36,000 Ethereum to Binance And Coinbase Amidst Market Uncertainty
Golem has transferred a substantial amount of Ethereum (ETH) to various cryptocurrency exchanges over the past month. Golem is one of the most prominent Ethereum Initial Coin Offering (ICO) projects.
Key points:
- Golem transferred 36,000 ETH (approximately $115 million) to exchanges in 37 days.
- The project still holds 157,360 ETH, valued at about $530 million.
- Transfers were made to major exchanges including Binance, Coinbase, and Bitfinex.
- Golem raised 820,000 ETH in its 2016 ICO.
According to blockchain data tracked by Arkham and reported by journalist Colin Wu, Golem’s main wallet has been consistently moving ETH to other wallets.
The funds were then moved to other crypto exchanges. These transactions happened almost every day, with the transactions mostly being under $10 million each.
Golem raised over 820,000 Ethereum
Golem was one of the most successful ICOs during the 2016–2019 boom period. At the time of its ICO, Golem raised over 820,000 ETH, valued at $8.7 million.
Despite the large transfer of ETH to exchanges, Golem still holds 157,360 ETH according to Arkham data. The holdings are worth approximately $530 million at current market prices.
The timing of these transfers is particularly interesting given the current state of the cryptocurrency market and Golem’s recent focus on artificial intelligence (AI) tools. In May, Golem released a roadmap spotlight highlighting its work on AI-based projects.
The offloading of Ethereum also happens at a time when Ethereum is not in its best shape in terms of price. ETH is down almost 18% in the last 30 days. It is also happening at a time when the community is awaiting the launch of Ethereum ETFs.
