The first ICO project on Ethereum Golem transferred more than 100 million USD ETH to the exchange

One of the first ICO projects on Ethereum, Golem, has transferred more than $100 million in ETH to exchanges in the past month. The market may see increased selling pressure in response to this news.

According to Wu Blockchain, the Ethereum-based CPU capacity rental network Golem has transferred a total of more than $100 million in ETH to exchanges in the past month.

Specifically, Golem transferred millions of USD ETH to wallet address 0x159...b94, then sent these funds to major exchanges such as Binance, Bitfinex and Coinbase. Most of the transactions were under 10 million USD and this was done in the last 37 days..

In addition, wallet 0x159...b94 also performs transactions of sending ETH to a strange address and then sending ETH to Coinbase.

The move to transfer ETH to exchanges largely shows Golem's intention to sell tokens. The reason is because a project usually does not hold large amounts of tokens on exchanges for a long time to ensure safety.

However, Golem still holds up to 131,446 ETH and about 1,600 ETH in wallet 0x159...b94.

Golem is a network that rents out unused CPU capacity in exchange for Golem GLM tokens on Layer-1 Ethereum.

Golem was one of the first ICO projects on the Ethereum network, raising 820,000 ETH, equivalent to 8.6 million USD at that time, in just 29 minutes when launched in 2016, benefiting greatly from the fever. ICO.

Golem gradually no longer attracted attention from the community, unable to compete with newer, more "trendy" competitors in the same segment such as: Render Network, Io.net. Despite this, the project continues to grow and is currently focused on building Web3 Pi, which helps users create Ethereum Nodes quickly and easily.

The GLM token price is currently trading at around 0.3 USD, divided by 4 compared to the ATH of 1.32 USD in January 2018.

Recently, the market is under a lot of selling pressure from the German authorities and users are being refunded BTC and BCH from Mt. Gox caused the Greed and Fear index to drop to the BTC level of 17,000 USD in early 2023. There is a high possibility that the market will prepare for more strong fluctuations in the near future.