Golem Shifts 4,600 ETH to Binance and Bitfinex Amid Price Recovery

Golem transfers 4,600 ETH to exchanges, raising concerns of potential selling pressure on Ethereum as it continues large-scale wallet movements.
By Kelvin Munene Murithi
Updated May 15, 2025
9 Crucial Ethereum (ETH) Tailwinds Spotted By Bitwise CIO

Highlights

  • Golem deposits 4,600 ETH to Binance and Bitfinex, raising sale concerns among investors.
  • In 5 days, Golem transfers 29,000 ETH worth $88.9M to major exchanges.
  • GLM price drops 74% from its peak despite Golem's commitment to solo staking ETH.

Golem, an Ethereum-based project, moved 4,600 ETH which is equivalent to $14.1 million at the time of transfer to cryptocurrency exchanges Binance and Bitfinex. This transfer reflects a seeming trend in the past month where the Golem has been sending a large amount of Ethereum to various exchanges.

Advertisement
Advertisement

Golem Shifts 4,600 ETH to Binance and Bitfinex

According to LookOnchain, Golem has moved 4,600 ETH, or around $14.1 million, to the exchanges Binance and Bitfinex. As a result, over the last five days, Golem has transferred 29,000 ETH to exchanges including Binance, Coinbase, and Bitfinex, which is equal to $88.9 million. This is a cause of concern among market analysts and investors to possible selling pressure on Ethereum.

These concerns can be attributed to the act of transferring large amounts of cryptocurrency to exchanges, which is usually followed by the selling of large amounts of cryptocurrency.

Colin Wu, an independent journalist, explained that Golem’s wallet activity is frequent and involves large sums of money. As indicated by the blockchain analytics company Arkham, such transactions rarely exceed $10 million per day.

Advertisement
Advertisement

Market Reactions and Commentary

Golem is one of the first projects that implemented the ICO on the Ethereum blockchain and was able to gather $8.6 million in 2016 within 29 minutes. The project aimed at creating a decentralized marketplace for the provision of computational resources with the help of which people could rent out their unused processing power in exchange for GLM tokens.

However, large-scale transactions by Golem have drawn reactions from major stakeholders in the cryptocurrency industry. Ethereum advocate Anthony Sassano said that Golem’s actions are similar to the actions of EOS blockchain that sold tokens for $4 billion and then swapped them for BTC.

Sassano’s comments reflect the sentiment that investors have when initial projects appear to be drifting away from their initial intent.

Advertisement
Advertisement

Golem’s Response and GLM Price

In response to the increasing doubts, Golem responded to the recent activity through its social media platforms. The team also emphasized the focus on the growth of the Golem Network and the ecosystem, the team also plans to solo stake most of its ETH holdings. This statement is intended to calm the community down and state that the project is still dedicated to contributing to the Ethereum ecosystem.

However, the market is still quite skeptical about the situation. GLM, Golem’s native token, has fallen by 74% since its peak of $1.32 in 2018, which is common for early ICO projects. As of press time, GLM was trading at $0.3174, a 3.50% surge from the intra-day low.

Source: CoinMarketCap

Meanwhile, the recent ETH transfers by Golem are taking place at a time when the crypto market is closely observing the US regulatory landscape. The potential approval of a spot Ethereum ETF by the SEC has been a focal point, with several major financial firms submitting amended filings.

Experts believe that ETH prices may rise further with such an approval, with some targets set at $3,400. At press time, ETH price had recovered with price exchanging hands at $3,063.17, a 2.50% surge from the intra-day low. 

Read Also: Bitcoin User Sends Inscription “Taxes Are Robbery” To The German Government

Advertisement
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor's degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.