A recent report has revealed that bankrupt cryptocurrency company Celsius Network and FTX have transferred a considerable amount of ethereum (eth) from your holdings to centralized exchanges.
Whale ethereum (eth) Transfers from Celsius and FTX
According data Since on-chain tracker Spotonchain, both Celsius and FTX have been depositing large amounts of ethereum on other crypto exchanges. The tracker recently revealed two massive eth transfers made by these bankrupt crypto companies.
Spotonchain took to X (formerly Twitter) to share these whale transactions with the entire cryptocurrency community. The on-chain tracker noted that these transactions took place when ethereum price crossed the $2,300 mark again.
The crypto asset has been exhibiting strong price movement for a while now, as eth hit a high of $2,300 earlier this week. However, the token has since fallen more than 3% over the past week, according to CoinMarketCap.
The report shows that Celsius Network crypto lender made a significant transaction of approximately 7,500 eth to the FalconX crypto exchange approximately eight hours ago. At the time of the transaction, the aforementioned ethereum was valued at approximately $17 million.
This action follows Celsius depositing a whopping 25,000 eth, valued at $57 million, on Coinbase and FalconX about a week ago.
Spotonchain also reported that the bankrupt crypto exchange ftx executed a substantial transaction of approximately 1,593 eth, valued at $3.66 million at the time it was made. The data shows that FTX transferred the indicated eth to an address identified as 0xCeF, approximately 55 minutes before publication.
Furthermore, the wallet address currently contains around 2,244 eth worth $5.16 million, which Spotonchain has highlighted as a possible transfer to Coinbase.
These major ethereum transfers highlight how major cryptocurrency companies are constantly adjusting their positions and strategies in response to market volatility. Investors and the community are closely monitoring these movements to gain possible insights into future market changes and patterns.
crypto asset whale sale
Last week, an ethereum whale, which reportedly holds around 10,000 eth worth over $23 million, was reported to sell the token. Data from another on-chain tracker, Lookonchain, revealed that the whale transferred 3,700 eth valued at $8.72 million to the Binance platform. The tracker also highlighted another whale transaction in which around 6,099 eth were sold for $12 million.
The selling frenzy of these Whales could have two effects on the cryptocurrency asset. The selling tactic can benefit the ethereum market as a whole if it increases price stability and balance. Meanwhile, if it becomes a disruption, it could cause the price to undergo wild swings and undermine market stability.
Featured image from iStock, chart from Tradingview.com
