{"id":569583,"date":"2024-01-15T17:00:27","date_gmt":"2024-01-15T17:00:27","guid":{"rendered":"https:\/\/uniquehot.com\/?p=569583"},"modified":"2024-01-15T10:04:06","modified_gmt":"2024-01-15T10:04:06","slug":"ethereum-bloodbath-celsius-eth","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bloodbath-celsius-eth\/","title":{"rendered":"Ethereum Bloodbath Incoming? Celsius’ $125 Million Move Threatens ETH Price"},"content":{"rendered":"

The Ethereum price might be <\/span>doing well post-spot Bitcoin ETF<\/span><\/a> launch, but recent moves by Celsius threaten to destabilize the price movement. The now-bankrupt crypto lender seems to have begun its reimbursement plan to its creditors, as on-chain data reveal the movement of its ETH holdings to crypto exchanges.<\/span><\/p>\n

According to crypto market intelligence company Arkham Intelligence, Celsius Network carried out transfers worth over $125 million worth of ETH last week to various crypto exchanges.<\/span><\/p>\n

Celsius Transfers ETH To Exchanges<\/h2>\n

Data shows that between January 8 and January 12, Celsius executed transfers worth $95.5 million to crypto exchange Coinbase while also sending $29.73 million to FalconX. At the time of writing, Celsius Network’s <\/span>balance sheet<\/span><\/a> has 584,601 ETH worth $1.47 billion. Notably, it also has 9,799 BTC worth $418.2 million and 659 million CEL tokens worth $133.2 million on its books, among other cryptocurrencies.<\/span><\/p>\n

Related Reading: Bitcoin Hashrate Hits New All-Time High Amid Spot ETF Frenzy<\/a><\/div>\n
\n

Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week.<\/p>\n

In the past week, they\u2019ve deposited $95.5M to Coinbase and sent $29.73M to FalconX.<\/p>\n

They still have $1.4 billion (540K ETH) remaining.https:\/\/t.co\/jp1PJbN46r<\/a> pic.twitter.com\/xgfX6yU5Ye<\/a><\/p>\n

\u2014 Arkham (@ArkhamIntel) January 13, 2024<\/a><\/p><\/blockquote>\n

Celsius’s motive behind the transfers into exchange points to nothing apart from an intending selloff, as the company is well on its way to clearing its liabilities under bankruptcy proceedings.\u00a0<\/span><\/p>\n

Celsius filed for bankruptcy in July 2022 shortly after the fall of TerraUSD and the LUNA ecosystem, leading to creditors having their funds trapped on the platform for the last 18 months. However, the defunct crypto lender has <\/span>been making major moves<\/span><\/a> in its bankruptcy proceedings to refund creditors. According to reports, the <\/span>company sold $240 million worth<\/span><\/a> of ETH in December 2023.<\/span><\/p>\n

Notably, the company communicated its decision earlier this month on January 5 <\/span>to unstake $465 million worth of Ethereum<\/span><\/a> (ETH) which will be distributed to its creditors.<\/span><\/p>\n

\"Ethereum<\/p>\n

ETH price shows strength as new trading week opens up | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Incoming Ethereum Price Crash?<\/h2>\n
Ethereum is currently on a roll, still on a 13% gain in the past seven days. However, huge selloffs like this tend to shake market confidence, leading to a sell-off from other investors. On the other hand, some tend to believe that the crypto is sufficiently resilient.<\/span><\/p>\n
Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network<\/a><\/div>\n
It’s important to note that Ethereum retained its bullish sentiment during the time these transfers were made, as price action revealed a 23% jump from $2,191 on January 8 to $2,706 on January 12. Ethereum has declined since then and is now trading at $2,514. According to <\/span>Coinglass<\/span><\/a>, $23.84 million worth of ETH positions were liquidated in the past 24 hours.<\/span><\/p>\n
Despite the recent large transfers, Celsius still retains significant cryptocurrency assets including ETH, BTC, MATIC, and LINK. A decision to continue the selling off of these assets could lead to a bigger dent in the price of the assets, particularly Ethereum, which is now <\/span>testing the $2,500 support<\/span><\/a> level.<\/span><\/p>\n
On-chain <\/span>data from Spotonchain<\/span><\/a> also reported FTX and Alameda Research moving 1,000 ETH worth $2.33 million to crypto exchange Coinbase during the week.<\/span><\/p>\n
Featured image from The Daily Hodl, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Ethereum price might be doing well post-spot Bitcoin ETF launch, but recent moves by Celsius threaten to destabilize the price movement. The now-bankrupt crypto lender seems to have begun its reimbursement plan to its creditors, as on-chain data reveal the movement of its ETH holdings to crypto exchanges. According to crypto market intelligence company Arkham Intelligence, Celsius Network carried out transfers worth over $125 million worth of ETH last week to various crypto exchanges. Celsius Transfers ETH To Exchanges Data shows that between January 8 and January 12, Celsius executed transfers worth $95.5 million to crypto exchange Coinbase while also sending $29.73 million to FalconX. At the time of writing, Celsius Network’s balance sheet has 584,601 ETH worth $1.47 billion. Notably, it also has 9,799 BTC worth $418.2 million and 659 million CEL tokens worth $133.2 million on its books, among other cryptocurrencies. Related Reading: Bitcoin Hashrate Hits New All-Time High Amid Spot ETF Frenzy Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week. In the past week, they\u2019ve deposited $95.5M to Coinbase and sent $29.73M to FalconX. They still have $1.4 billion (540K ETH) remaining.https:\/\/t.co\/jp1PJbN46r pic.twitter.com\/xgfX6yU5Ye \u2014 Arkham (@ArkhamIntel) January 13, 2024 Celsius’s motive behind the transfers into exchange points to nothing apart from an intending selloff, as the company is well on its way to clearing its liabilities under bankruptcy proceedings.\u00a0 Celsius filed for bankruptcy in July 2022 shortly after the fall of TerraUSD and the LUNA ecosystem, leading to creditors having their funds trapped on the platform for the last 18 months. However, the defunct crypto lender has been making major moves in its bankruptcy proceedings to refund creditors. According to reports, the company sold $240 million worth of ETH in December 2023. Notably, the company communicated its decision earlier this month on January 5 to unstake $465 million worth of Ethereum (ETH) which will be distributed to its creditors. ETH price shows strength as new trading week opens up | Source: ETHUSD on Tradingview.com Incoming Ethereum Price Crash? Ethereum is currently on a roll, still on a 13% gain in the past seven days. However, huge selloffs like this tend to shake market confidence, leading to a sell-off from other investors. On the other hand, some tend to believe that the crypto is sufficiently resilient. Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network It’s important to note that Ethereum retained its bullish sentiment during the time these transfers were made, as price action revealed a 23% jump from $2,191 on January 8 to $2,706 on January 12. Ethereum has declined since then and is now trading at $2,514. According to Coinglass, $23.84 million worth of ETH positions were liquidated in the past 24 hours. Despite the recent large transfers, Celsius still retains significant cryptocurrency assets including ETH, BTC, MATIC, and LINK. A decision to continue the selling off of these assets could lead to a bigger dent in the price of the assets, particularly Ethereum, which is now testing the $2,500 support level. On-chain data from Spotonchain also reported FTX and Alameda Research moving 1,000 ETH worth $2.33 million to crypto exchange Coinbase during the week. Featured image from The Daily Hodl, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":569598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[83722,91147,8323,89213,1946,7931,6931,8686,78803],"class_list":["post-569583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-celsius","tag-celsius-news","tag-eth","tag-eth-news","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Bloodbath Incoming? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Bloodbath Incoming? 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