As a researcher with experience in blockchain analysis, I find the recent on-chain activities of Elwood Technologies intriguing. The large deposit and withdrawal of Ethereum (ETH) between Elwood’s linked address and Binance have raised eyebrows in the crypto community, with some viewing it as bullish and others suspecting market manipulation.
On July 11, Lookonchain, an on-chain analysis platform, detected a significant transfer of Ethereum between Elwood Technologies and Binance.
As a researcher, I’ve uncovered some intriguing information regarding recent transactions. Specifically, an address associated with Elwood has transferred approximately 26,811 ETH, equivalent to around $83 million at current prices, to Binance over the last three days.
Over the last two days, the entity took out Ethereum amounting to 24,463 ETH, equivalent to approximately $76 million, from the centralized exchange.
We noticed that Elwood(@elwood_io) deposited 26,811 $ETH($83.17M) to #Binance in the past 3 days.
Another #Elwood-related address withdrew 24,463 $ETH($75.88M) from #Binance in the past 2 days.…
— Lookonchain (@lookonchain) July 11, 2024
More ETH Selling Pressure?
In the discourse surrounding the post on X, some individuals expressed optimistic views, interpreting the content as bullish. On the other hand, others voiced their concerns, believing it could be an instance of market manipulation. Noteworthy is the background of Elwood Technologies: It is the brainchild of billionaire investor Alan Howard, who is also the co-founder of Brevan Howard, a prominent hedge fund.
Corporate, governmental, and financial institution transfers of Ethereum in substantial quantities can cause market turbulence due to heightened concerns about potential selling waves. Yet, the intentions behind Elwood Technologies’ actions remain undisclosed.
At the same period, it was announced that Standard Chartered, an investment bank, is considering purchasing a portion of Elwood Capital, a subdivision of Elwood Technologies specializing in over-the-counter (OTC) crypto transactions.
As an analyst, I would explain it this way: Obtaining virtual asset service provider licenses for Zodia Markets in Jersey will enable Standard Chartered to expand its crypto division’s offerings. This shift towards over-the-counter (OTC) settlement services will enhance our capabilities and better serve the evolving needs of our clients in the digital asset space.
Elwood Technologies raised $70 million in a Series A round led by Goldman Sachs in May 2022.
This week, there have been significant actions taken with Ethereum related to the Golem decentralized computing platform, one of its early Initial Coin Offering (ICO) projects. Notably, large amounts of Ether (ETH) have been transferred from this project to centralized exchanges.
According to Lookonchain’s latest report, it seems that Golem has ceased selling Ethereum (ETH). Instead, they staked approximately 40,000 ETH, equivalent to around $124.6 million, on July 10th.
The Golem project’s Ethereum holdings, represented by the account known as Golem(@golemproject), seem to have ceased being sold off. Approximately 40,000 ETH, equivalent to around $124.6 million, were recently staked by this account eight hours prior.
— Lookonchain (@lookonchain) July 11, 2024
This week, Ethereum staking hit a new high with approximately 47.36 million ETH being staked, which represents around 34% of the total Ethereum supply.
ETH Price Outlook
As an analyst, I’ve observed that Ethereum (ETH) prices have fluctuated between the ranges of $3,145 and $3,068 throughout the last 24 hours. These price swings haven’t significantly responded to the noted whale transactions in the market.
At present, the value of the asset is trading at $3,110, which is an improvement from its intraday low, but it has still decreased by 3% in the last week.
Additionally, ETH has retreated around 24% since its 2024 high of just over $4,000 in mid-March.
Anticipation among investors runs high that the upcoming launch of a bitcoin Spot Exchange-Traded Fund (ETF) in the US will invigorate market sentiment and potentially drive up prices for the second-largest digital currency.
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2024-07-11 13:49