Elwood Technologies, a company linked to billionaire investor Alan Howard, has been making significant transfers of Ethereum (ETH) to and from Binance. In the past three days, Elwood deposited 26,811 ETH worth $83 million to Binance, while another Elwood-related address withdrew 24,463 ETH worth $76 million from the exchange in the past two days.
These large movements of ETH have sparked speculation in the crypto community. Some believe it to be a bullish sign, while others suspect market manipulation. Such transfers from corporations or financial institutions often create selling pressure in the market, causing uncertainty among investors. It is unclear what Elwood Technologies intends to do with these ETH transfers.
Interestingly, there are reports that investment bank Standard Chartered is considering acquiring part of Elwood Capital, a subsidiary of Elwood Technologies that provides crypto OTC services. If this acquisition goes through, Standard Chartered’s crypto division, Zodia Markets, would obtain virtual asset service provider licenses in Jersey, facilitating OTC settlement services.
In May 2022, Elwood Technologies raised $70 million in a Series A round led by Goldman Sachs, indicating significant interest from institutional investors in the crypto space. This recent movement of ETH by Elwood Technologies adds to the ongoing trend of large Ethereum transfers. Golem, a decentralized computing platform, recently staked 40,000 ETH worth $124.6 million, signaling a shift in its strategy.
Despite these whale movements, the price of ETH has not seen significant fluctuations. It currently trades at around $3,110, down 3% from the previous week and 24% from its 2024 high of over $4,000 in March. However, with the anticipation of a spot ETF launch in the US, investors are hopeful that sentiment towards ETH will improve, potentially driving up prices in the near future.
Overall, the crypto market remains dynamic, with large entities like Elwood Technologies and Golem making strategic moves that could impact market dynamics. Investors are advised to closely monitor these developments to make informed decisions about their crypto holdings.