Elwood Technologies' large ETH transfers raise questions amid takeover talks

On July 11, on-chain analytics platform Lookonchain identified a large eth deposit and withdrawal from Elwood Technologies to and from Binance.

The address linked to Elwood deposited 26,811 eth worth around $83 million into Binance over the past three days.

The entity also withdrew 24,463 eth worth around $76 million from the centralized exchange over the past two days.

<blockquote class="twitter-tweet”>

We notice that Elwood(twitter.com/elwood_io?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@elwood_io) deposited 26,811 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether($83.17 million) to twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Binance in the last 3 days.

Other twitter.com/hashtag/Elwood?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Elwood-Related address withdrew 24,463 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether($75.88 million) of twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Binance in the last 2 days.https://t.co/LvMWpxJMEhhttps://t.co/Y38nXm3wUuhttps://t.co/CdNPeJyKGI… image.twitter.com/hlNenzEVKk

— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1811230898530197642?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 11, 2024

More selling pressure on eth?

Some of the responses to the post on x suggested it was bullish, and others said it was market manipulation. Elwood Technologies was created by billionaire investor Alan Howard, co-founder of hedge fund Brevan Howard.

Large eth moves by corporations, governments or financial institutions typically shake up markets as fears of further selling pressure mount. However, it is unclear what Elwood Technologies is planning.

The move also comes at the same time as news that investment bank Standard Chartered is considering acquiring part of Elwood Capital, a subsidiary of Elwood Technologies that offers cryptocurrency OTC services.

The move would grant Standard Chartered’s cryptocurrency division, Zodia Markets, virtual asset service provider licenses in Jersey and support a shift toward OTC settlement services.

Elwood Technologies raised $70 million in a Series A round led by Goldman Sachs in May 2022.

There have been other big ethereum moves this week that have caught the eye. Decentralized computing platform Golem and one of the first ICO projects has also been moving a lot of eth to centralized exchanges.

However, Lookonchain reported that Golem “appears to have stopped selling eth” and staked 40,000 eth worth around $124.6 million on July 10.

<blockquote class="twitter-tweet”>

Golem(twitter.com/golemproject?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@golemproyecto) seems to have stopped selling twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Etherand bet 40,000 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ image.twitter.com/HzizTZ01YG

— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1811228391972168022?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 11, 2024

This week, Cryptopotato reported that ethereum staking had reached record levels of 47.36 million eth, representing around 34% of the total supply.

eth Price Outlook

eth prices have been fluctuating between $3,145 and $3,068 over the past 24 hours, but they have not really been affected by these whale movements.

The asset has moved away from its intraday low to trade at $3,110 at the time of writing, but remains 3% below last week.

Additionally, eth has retraced around 24% from its 2024 high of just over $4,000 in mid-March.

Investors are hoping the impending launch of a US spot ETF will boost sentiment and prices for the world's second-largest digital asset.

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