NewsBTC
2024-01-27 02:00:10

Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH

Ethereum (ETH) is about witnessing a potential sell-off worth $1 billion. This significant transaction is rooted in actions by Celsius, a bankrupt crypto lender. Reports from on-chain analyst Lookonchain indicate that Celsius initiated the transfer of 459,561 ETH, estimated to be worth around $1.014 billion, to various exchanges. The breakdown of this large-scale distribution includes 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller sums totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase, respectively. Despite this transfer, Lookonchain disclosed that Celsius still maintains a reserve of 62,468 ETH, valued at roughly $139 million. Celsius transferred 459,561 $ETH($1.014B) out 9 hrs ago. 297,454 $ETH($656.5M) → #CoinbasePrime 146,507 $ETH ($323.3M) → #PaxosTreasury 7,800 $ETH($17.2M) → #FalconX 7,800 $ETH($17.2M) → #Coinbase. And #Celsius still has 62,468 $ETH($139M) left.https://t.co/O71a2LfeKg pic.twitter.com/adcxQA3POn — Lookonchain (@lookonchain) January 26, 2024 This significant transfer carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum’s price, with potential implications for broader market sentiment. Ethereum could see a significant plunge if the $1.014 billion worth of ETH is sold simultaneously. Related Reading: Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing Celsius’ Previous Ethereum Transactions Celsius’ latest Ethereum transactions aren’t isolated events. LookonChain has previously spotted significant transfers linked to Celsius, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX. While these moves indicate Celsius’ proactive strategy in managing its financial challenges, they also signal potential volatility for Ethereum’s market value. Furthermore, Arkham Intelligence reports that between January 8 and January 12, Celsius liquidated over $125 million worth of Ethereum. The primary objective of these sales is to fulfill obligations to creditors. Dune Analytics also highlighted the pattern of large-scale Ethereum redemptions, noting redemptions exceeding $1.6 billion. Since last year’s Shanghai update, this figure represents the highest Ethereum redemptions recorded. As part of its bankruptcy proceedings, Celsius continues liquidating Ethereum holdings to pay off debts. Ethereum’s Market Reaction In the aftermath of Celsius’s Ethereum transactions, the asset has seen a nearly 10% decline in value over the past week, dropping from a high above $2,600 to around $2,186 yesterday. However, Ethereum has slightly recovered, rising by 2.2% in the past 24 hours, with a trading price of $2,258 at the time of writing. Amid these market developments, Michael van de Poppe, a renowned crypto analyst, has identified three key factors that could signal a bullish phase for ETH. A significant element is Bitcoin’s market behavior, often setting the tone for altcoins. Van de Poppe notes that Bitcoin’s indications of bottoming out usually precede rallies in altcoins, suggesting a potential upturn for Ethereum. He also emphasizes the increasing excitement around spot Ethereum ETFs, which could catalyze Ethereum’s market value in the coming weeks. Related Reading: Ethereum’s Path To Recovery: Analyst Highlights 3 Key Factors Pointing To A Price Boom Additionally, Ethereum’s impending network upgrades, which aim to reduce transaction costs significantly, are expected to enhance the network’s efficiency and scalability, potentially boosting its market appeal. The momentum towards $ETH is probably going to come in the next few weeks. Arguments: – #Bitcoin bottoming out is a trigger for altcoins to make a new run. – Ethereum Spot ETF hype. – Ethereum launching new upgrades to reduce 90% of the costs. pic.twitter.com/N8bDi52F8M — Michaël van de Poppe (@CryptoMichNL) January 25, 2024 Featured image Unsplash, Chart from TradingView

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约