Big Movement of ETH by Elwood Technologies
Recently, a significant deposit and withdrawal of ETH from Elwood Technologies to and from Binance was observed by the on-chain analytics platform Lookonchain. The entity deposited 26,811 ETH worth approximately $83 million to Binance within the last three days. Moreover, they withdrew 24,463 ETH worth about $76 million from the centralized exchange over the past two days.
- Elwood Technologies deposited 26,811 ETH (valued at $83 million) to Binance in the last 3 days.
- Another Elwood-related address withdrew 24,463 ETH (worth $76 million) from Binance in the past 2 days.
The Speculation Surrounding ETH Selling Pressure
Following this significant movement of ETH, there have been mixed responses regarding its implications. Some view it as bullish, while others suspect market manipulation. Elwood Technologies was established by billionaire investor Alan Howard, a co-founder of the hedge fund Brevan Howard.
- Large transfers of ETH by corporations, governments, or financial institutions often create market anxiety due to fears of increased selling pressure.
- The purpose behind Elwood Technologies’ ETH movements remains uncertain, leaving room for speculation.
Standard Chartered’s Plans with Elwood Capital
Notably, this activity aligns with reports of investment bank Standard Chartered considering the acquisition of a portion of Elwood Capital, a subsidiary of Elwood Technologies that offers crypto OTC services. This potential acquisition would provide Standard Chartered’s crypto division, Zodia Markets, with virtual asset service provider licenses in Jersey and facilitate a transition to OTC settlement services.
- Standard Chartered is reportedly contemplating acquiring a segment of Elwood Capital to enhance its crypto services.
- Elwood Technologies secured $70 million in a Series A funding round led by Goldman Sachs in May 2022.
Golem’s Crypto Activity
In a similar vein, the Golem decentralized computing platform, an early ICO project, has also been active in moving ETH to centralized exchanges. However, Lookonchain’s data indicates that Golem has ceased selling ETH and staked 40,000 ETH, valued at approximately $124.6 million on July 10.
- Golem has paused ETH selling activities and staked a substantial amount of ETH recently.
- Large ETH movements by different entities suggest notable developments in the crypto market.
Record ETH Staking Levels and Price Variations
This week, Ethereum staking hit a record high of 47.36 million ETH, equivalent to around 34% of the total supply. Despite significant movements by Elwood Technologies and Golem, ETH prices have been relatively stable.
- Ethereum staking has witnessed a surge, reaching new record levels in recent times.
- ETH prices have fluctuated between $3,145 and $3,068, with a slight recovery to $3,110 at the time of this report.
Anticipated ETH Price Movements
While ETH has experienced a 24% decline from its 2024 peak, traders and investors are optimistic about future price movements. The potential launch of a spot ETF in the U.S. is expected to have a positive impact on Ethereum’s value.
- Traders are hopeful that the upcoming spot ETF launch in the U.S. will drive ETH prices higher.
- Market participants are closely monitoring external factors that could influence Ethereum’s price trajectory.
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