ethereum price could be post-spot bitcoin ETF working well launch, but Celsius's recent moves threaten to destabilize the price movement. The now-bankrupt cryptocurrency lender appears to have begun its plan to repay its creditors, as on-chain data reveals the movement of its eth holdings to cryptocurrency exchanges.
According to crypto market intelligence firm Arkham Intelligence, Celsius Network carried out transfers worth over $125 million worth of eth last week to several crypto exchanges.
Celsius transfers eth to exchanges
The data shows that between January 8 and 12, Celsius executed transfers worth $95.5 million to the Coinbase cryptocurrency exchange and at the same time sent $29.73 million to FalconX. At the time of writing, the Celsius Network balance sheet It has 584,601 eth worth $1.47 billion. Notably, he also has 9,799 btc worth $418.2 million and 659 million CEL tokens worth $133.2 million on his books, among other cryptocurrencies.
It appears that Celsius took the opportunity to offload >$125 million of eth during ETF week.
Last week, they deposited $95.5 million on Coinbase and sent $29.73 million to FalconX.
They still have $1.4 billion (540K eth) left.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
– Arkham (@ArkhamIntel) January 13, 2024
Celsius's motive behind the transfers to the stock market points to nothing more than an intention to sell, as the company is on the way to liquidate its obligations under bankruptcy proceedings.
Celsius filed for bankruptcy in July 2022, shortly after the collapse of TerraUSD and the LUNA ecosystem, resulting in creditors having their funds trapped on the platform for the past 18 months. However, the defunct cryptocurrency lender has been making big moves in your bankruptcy proceedings to repay creditors. According to reports, the ethereum-on-exchanges/” rel=”nofollow”>company sold 240 million dollars of eth in December 2023.
Notably, the company announced its decision earlier this month, on January 5. to undo $465 million bet on ethereum (eth) that will be distributed to your creditors.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/US-investment-bank-TD-Cowen-says-Ethereum-ETF-will-be" alt="Tradingview.com ethereum Price Chart” width=”3266″ height=”1530″ loading=”lazy”/>
eth price shows strength as new trading week opens up | Source: ETHUSD on Tradingview.com
Incoming ethereum price drop?
ethereum is currently on a roll, still up 13% over the last seven days. However, sell-offs like this tend to shake market confidence, leading to sell-offs by other investors. On the other hand, some tend to believe that cryptocurrencies are sufficiently resilient.
It is important to note that ethereum maintained its bullish sentiment throughout the time these transfers were made, as the price action revealed a 23% jump from $2,191 on January 8 to $2,706 on January 12. ethereum has since declined and is now trading at $2,514. According glass coinIn the last 24 hours, eth positions worth $23.84 million were liquidated.
Despite recent large transfers, Celsius still holds significant cryptocurrency assets including eth, btc, MATIC, and LINK. The decision to continue selling these assets could lead to a further drop in the price of the assets, particularly ethereum, which is now testing $2,500 support level.
in chain spotonchain data It also reported that FTX and Alameda Research moved 1,000 eth worth $2.33 million to the Coinbase crypto exchange during the week.
Featured image from The Daily Hodl, chart from Tradingview.com
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