Title: Ethereum Price at Risk as Early Investor Sells Off ETH Holdings
Introduction:
In a recent development, one of the early investors in Ethereum (ETH) has been selling off their holdings, raising concerns about the potential impact on the price of the cryptocurrency. Golem Network, a decentralized finance (DeFi) platform that received a significant amount of ETH during its 2016 initial coin offering (ICO), has sold off $114 million worth of ETH over the past 37 days through various exchanges, including Binance, Coinbase, and Bitfinex.
Details:
The recent decline in Bitcoin has put significant selling pressure on altcoins, with Ethereum being particularly affected. During this period, Golem Network, which holds a substantial amount of ETH from its ICO, has been actively selling off its holdings.
According to on-chain analyst EmberCN, Golem Network sold 36,000 ETH, equivalent to $114 million, in the last 37 days. This represents a significant portion of their ETH holdings, which they acquired during the ICO.
Golem Network initially purchased 820,000 ETH for $8.52 million during the ICO. Despite the recent selling activity, the platform still holds approximately 230,000 ETH, which is currently valued at around $656 million.
In addition to ETH, Golem Network also has its own token called GLM. As of now, GLM has experienced a slight decrease of 1.4% in the last 24 hours and is currently trading at $0.31.
Conclusion:
The ongoing selling activity by Golem Network, one of the early Ethereum investors, raises concerns about the potential impact on the price of ETH. With a significant amount of ETH being sold off, investors will closely monitor the market for any further developments. It is worth noting that this article does not provide investment advice.
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