Large ETH Movements from Elwood Technologies to Binance Raise Questions: More Selling Pressure Ahead?
Elwood Technologies, a company linked to billionaire investor Alan Howard, has made significant movements of Ethereum (ETH) to and from Binance, raising questions about potential selling pressure in the market. The on-chain analytics platform Lookonchain identified a deposit of 26,811 ETH worth $83 million and a withdrawal of 24,463 ETH worth $76 million over the past few days.
While some view this as a bullish sign, others suspect market manipulation. The timing of these transactions coincides with news that investment bank Standard Chartered is considering acquiring part of Elwood Capital, a subsidiary of Elwood Technologies that offers crypto OTC services. This move could have implications for Standard Chartered’s crypto division, Zodia Markets.
In addition to Elwood Technologies, the Golem decentralized computing platform has also been moving large amounts of ETH to centralized exchanges. However, Lookonchain reported that Golem has stopped selling ETH and staked a significant amount on July 10.
Despite these whale movements, the price of ETH has remained relatively stable, trading between $3,145 and $3,068 over the past 24 hours. The asset is currently valued at $3,110, down 3% from the previous week and 24% from its 2024 high in March. Investors are hopeful that the launch of a spot ETF in the United States will boost sentiment and prices for ETH.
Overall, the recent movements of ETH by Elwood Technologies and other entities have sparked speculation in the market, with investors closely monitoring the situation for potential impacts on prices and market dynamics.
