Ethereum

2024

Bitcoin

Resistance

Golem

<ul>
 <li><strong>Ethereum price is down 12% in the past seven days.</strong></li>
 <li><strong>Golem transferred around 820K ETH in 37 days.</strong></li>
</ul>
<p>Amid a challenging bearish market, Ethereum has recently approached a four-month low, dropping from $3,043.58 to $2,826.48 over the past 24 hours. However, there is a tentative recovery with a modest 2% increase noted at the time of writing.</p>
<p>One of the most notable developments amid this volatility has been significant cryptocurrency transfers involving major entities. Golem, which initially raised 820,000 ETH in a 2016 ICO, has transferred 36,000 ETH to platforms like <a href="https://thenewscrypto.com/is-binance-us-ready-for-a-protracted-legal-battle-with-the-sec/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, Coinbase, and Bitfinex over the past 37 days, amounting to approximately $115 million. Currently, Golem retains 231,400 ETH, valued at about $656 million.</p>
<p>Additionally, the German government has executed substantial BTC transactions, including a recent transfer of 1,000 BTC ($55.8 million), with 500 BTC ($27.9 million) deposited into Bitstamp and Kraken.</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">The German Government transferred out another 1,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($55.8M) 20 minutes ago, of which 500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($27.9M) has been deposited to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitstamp</a> and <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a>.<br><br>Since June 20, they have moved out a net amount of 11,033 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($669M) at an average price of $60,669.<br><br>Currently, the German… <a href="https://t.co/cDc6TJsUm7" rel="noopener noreferrer nofollow">https://t.co/cDc6TJsUm7</a> <a href="https://t.co/hmq1zcYcJn" rel="noopener noreferrer nofollow">pic.twitter.com/hmq1zcYcJn</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1810210677363261496?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 8, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>Since June 20, their net outflow has totaled 11,033 BTC ($669 million) at an average price of $60,669 per BTC. The <a href="https://thenewscrypto.com/how-is-btc-price-affected-by-the-german-governments-btc-transfer/" target="_blank" rel="noopener noreferrer nofollow">German</a> government now holds 38,826 BTC, equivalent to approximately $2.16 billion.</p>
<h3 class="wp-block-heading" id="h-bearish-market-influence">Bearish Market Influence?</h3>
<p>Further influencing market sentiment, the defunct exchange <a href="https://www.mtgox.com/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox</a> has recently initiated creditor repayments, notably transferring around $84.87 million worth of BTC to Bitbank’s hot wallets. This move has exacerbated bearish sentiment across altcoins, particularly impacting Ethereum amid its recent declines.</p>
<p>Analysts suggest that these developments underscore the intricate dynamics of the <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">market</a>, where large-scale transactions by influential entities can significantly sway market trends, amplifying both volatility and investor scrutiny.</p>
<p><strong>Highlighted News Of The Day</strong></p>
<p><a href="https://thenewscrypto.com/can-bitcoin-overcome-the-56k-resistance-level/" rel="noopener noreferrer nofollow">Can Bitcoin Overcome the $56K Resistance Level?</a></p>

Did Institutional Transfers Play Major Role in Ethereum’s Downfall?

Table of Contents

TheNewsCrypto

Other articles published on Jul 8, 2024

BlockDAG's 1300% Surge and Technological Innovations Outpace the Solana Market Performance and Aa...

BlockDAG’s Dev Release 65 Introduces X1 App Enhancements and a $2M Giveaway, Garnering Over 80,00...

Cardano Founder Reveals Chang Hard Fork Is ‘Basically There’

Metaplanet Purchases 42.47 Bitcoins Amid Price Drop

Rootstock Sees Unprecedented Growth in Recent Quarter

Altcoin Whale Transacts 1.1M $PENDLE to Deposit into Binance

Join our free newsletter for daily crypto updates!