The Ethereum worth is perhaps doing well post-spot Bitcoin ETF launch, however current strikes by Celsius threaten to destabilize the worth motion. The now-bankrupt crypto lender appears to have begun its reimbursement plan to its collectors, as on-chain knowledge reveal the motion of its ETH holdings to crypto exchanges.
According to crypto market intelligence firm Arkham Intelligence, Celsius Network carried out transfers value over $125 million value of ETH final week to varied crypto exchanges.
Celsius Transfers ETH To Exchanges
Data exhibits that between January 8 and January 12, Celsius executed transfers value $95.5 million to crypto alternate Coinbase whereas additionally sending $29.73 million to FalconX. At the time of writing, Celsius Network’s balance sheet has 584,601 ETH value $1.47 billion. Notably, it additionally has 9,799 BTC value $418.2 million and 659 million CEL tokens value $133.2 million on its books, amongst different cryptocurrencies.
Looks like Celsius took the chance to unload >$125M of ETH over ETF Week.
In the previous week, they’ve deposited $95.5M to Coinbase and despatched $29.73M to FalconX.
They nonetheless have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
— Arkham (@ArkhamIntel) January 13, 2024
Celsius’s motive behind the transfers into alternate factors to nothing other than an intending selloff, as the corporate is nicely on its approach to clearing its liabilities underneath chapter proceedings.
Celsius filed for chapter in July 2022 shortly after the autumn of TerraUSD and the LUNA ecosystem, resulting in collectors having their funds trapped on the platform for the final 18 months. However, the defunct crypto lender has been making major moves in its chapter proceedings to refund collectors. According to reviews, the company sold $240 million worth of ETH in December 2023.
Notably, the corporate communicated its determination earlier this month on January 5 to unstake $465 million worth of Ethereum (ETH) which will probably be distributed to its collectors.
ETH worth exhibits power as new buying and selling week opens up | Source: ETHUSD on Tradingview.com
Incoming Ethereum Price Crash?
Ethereum is at present on a roll, nonetheless on a 13% achieve prior to now seven days. However, big selloffs like this have a tendency to shake market confidence, resulting in a sell-off from different buyers. On the opposite hand, some are likely to consider that the crypto is sufficiently resilient.
It’s vital to notice that Ethereum retained its bullish sentiment throughout the time these transfers had been made, as worth motion revealed a 23% soar from $2,191 on January 8 to $2,706 on January 12. Ethereum has declined since then and is now buying and selling at $2,514. According to Coinglass, $23.84 million value of ETH positions had been liquidated prior to now 24 hours.
Despite the current massive transfers, Celsius nonetheless retains vital cryptocurrency belongings together with ETH, BTC, MATIC, and LINK. A call to proceed the promoting off of those belongings may result in an even bigger dent within the worth of the belongings, significantly Ethereum, which is now testing the $2,500 support degree.
On-chain data from Spotonchain additionally reported FTX and Alameda Research transferring 1,000 ETH value $2.33 million to crypto alternate Coinbase throughout the week.
Featured picture from The Daily Hodl, chart from Tradingview.com
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