24,400 ETH From Ancient ICO Transferred to Large Exchanges at Astonishing Price Surge

Analytics account Lookonchain has spotted several Ethereum transfers made to the three largest cryptocurrency exchanges over the past three days. These transfers were made by decentralized blockchain project Golem. Plus another old whale, but a smaller one, sent his ETH to Kraken.

Ethereum from 2016 ICO sold in past three days

Back in November 2016, Golem performed an initial coin offering (ICO), raising 820,000 ETH. Over the past three days, @golemproject sold 24,400 ETH on Binance, Coinbase and Bitfinex.

Golem converted that Ethereum into an impressive $72 million in fiat. Currently, the company still has 127,634 ETH worth $372 million in its possession. When Golem raised the aforementioned 820,000 ETH, it was evaluated at roughly $8,364,000, with ETH then trading at $10.2.

Now, the second biggest cryptocurrency in terms of market capitalization value is changing hands at $3,055, which is more than 29,311% growth from 2016.

Golem was one of the very first dApps launched on the Ethereum network. Golem Network (GLM) is an open-source decentralized platform that is currently busy creating an ecosystem to provide computing power to the artificial intelligence industry. Basically, this is a P2P marketplace that offers distributed computing resources. GLM tokens can be leveraged by users on the Golem platform for the utilization of free computing resources.

Golem users can utilize its resources for breaking large tasks into small bits and then distribute them among various providers to allow for parallel processing.

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Bearish traders unload 13,680 ETH

Another analytics platform, @Spotonchain, also shared that as Ethereum showed a 7% drop in the last 24 hours, to hit $3,000, two whales unloaded a cumulative 13,680 ETH on major cryptocurrency exchanges, selling their ETH chunks for approximately $41 million. His cumulative profit from the recent Ethereum trades, according to the data source, comprises $20.6 million.

One trader transferred 6,440 ETH to Binance, and the other deposited 7,240 ETH to Kraken. This trader had held this Ethereum for nearly two years. The estimated profit from this sale is +149%, comprising $12.83 million.

After plummeting overnight, Ethereum by now has recovered its 7% loss, as it printed several small and one big green candle on an hourly chart, according to data from the Bitstamp exchange.