Ramazan Eles 
Golem, one of the earliest initial coin offerings (ICOs) in the Ethereum (ETH) ecosystem, is sending substantial amounts of ETH to centralized exchanges like Binance and Coinbase.
According to blockchain analytics firm Arkham Intelligence, a multi-signature wallet associated with Golem has deposited approximately 4,000 ETH into deposit addresses on Binance and Coinbase. At the time of the transactions, this represented a value of over $10.42 million.
Why the Sell-Off?
The exact reasons behind these large-scale transfers remain unclear. ICOs were a popular fundraising method for cryptocurrency projects between 2016 and 2019, but regulatory pressures and waning investor interest have since diminished their prevalence.
Golem, which raised a staggering 820,000 ETH in its 2016 ICO, was a prominent player in this trend. Within minutes, the project had raised millions of dollars, marking a significant milestone in the ICO space.
Earlier this year, it was revealed that Golem had transferred over $100 million worth of ETH to various exchanges within a single month. The project has yet to provide a public explanation for these substantial sales.
Sales May Continue
Golem operates as a marketplace for computing power. Users can rent out their idle computing resources in exchange for GLM tokens, the project’s native cryptocurrency.
According to a roadmap shared in May, Golem has shifted its focus towards artificial intelligence, driven by growing industry demand.
Arkham data indicates that Golem still holds approximately 22,834 ETH, valued at $59.89 million, within its wallet, suggesting that further sales may be on the horizon.
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