Ethereum (ETH) has just been freed from an aggressive sell-off by a top 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 the Golem Project, just staked 40,000 ETH. This staked fund is worth $124.6 million as of the time of staking.
Ethereum freedom after intense Sell-off
Per previously referenced posts by Lookonchain, the Golem Project started sending thousands of ETH to centralized exchanges on July 8. In the first wave of the sell-off, the protocol sent 24,400 ETH worth approximately $72 million to Binance, Coinbase and Bitfinex.
Golem Project was one of the foundational beneficiaries of Ethereum ICO as far back as 2016. At the time, the protocol raised 820,000 ETH when the price of the coin traded for just $10.2.
Golem(@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG
— Lookonchain (@lookonchain) July 11, 2024
With the sell-off activated, this week, the outfit also moved another 4,600 ETH, valued at $14.1 million, to Binance and Bitfinex, as of July 9. On July 10, another 3,000 ETH deposit was made to Binance, Bitfinex and Coinbase.
The staked Ethereum was also moved on July 10, and while many feared further selling off, the Golem Project decided to lock up the funds for now.
Perfect timing
Ethereum is the second major cryptocurrency responsible for the broader market sell-off at the moment. While the spot Ethereum ETF sentiment is expected to sustain sentiment and price growth, the reversal is the case.
In the early stages, investors looked to the ETF as a major catalyst to drive growth and, hence, went all out to buy the coin. With Bitcoin losing its position in the industry, the ripple effect on Ethereum saw many HODLers offloading their bags.
Knowing its sell-offs might trigger a market slump, the Golem Project decided to sell its bag at a time when the impact would be least felt.