Fears of Price Dump Mount as Celsius Prepares to Unleash $1,030,501,203 in ETH

Ethereum now stands at the center of volatility risks as the defunct crypto lender Celsius prepares over $1 billion worth of Ether tokens for liquidation.

On-chain analytics resource Spot On Chain and numerous crypto pundits have highlighted Celsius’ Ethereum transactions. The bankrupt lender’s most recent withdrawal frenzy saw it transfer 459,561 ETH to three exchanges. 

Specifically, these transactions occurred within the last 24 hours, wielding a market value of $1,030,501,203, considering an average price of $2,242 for Ethereum.

Breakdown of Celsius ETH Transfers

On-chain data indicates that the largest chunk of the transferred ETH went to Coinbase’s institutional platform, Coinbase Prime. In particular, the platform took a store of 305,254 ETH tokens from Celsius, valued at over $674 million.

Similarly, Celsius transferred nearly 150k Ethereum worth $324 million to Paxos, a blockchain firm. Other recent dealings include $17 million in ETH moved to the crypto brokerage and trading platform FalconX.

This is not the first time Celsius is moving assets to crypto exchanges. Three days ago, Spot On Chain disclosed that Celsius redirected $36 million to Coinbase and FalconX. 

Furthermore, the on-chain tracker observed that Celsius’ withdrawal frenzy first peaked in November 2023 amid a cashout of $621 million Ethereum.

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The recent $1.03 billion transfer brings the total amount moved by the embattled crypto lender to over $1.69 billion worth of ETH within the last three months. As of now, Celsius still retains 62,469 ETH worth $140 million in the address under scrutiny.

Community Reacts

Crypto market participants have voiced apprehension about the potential implication of the persistent ETH transactions with exchanges. 

For instance, X influencer MartyParty raised concern that Celsius might disrupt the gradual recovery in the ETH market as the past few weeks have been bloodbaths.

At press time, ETH sells for $ $2,242, marking a decline of over 10% since last week. During this period, the asset plummeted from a peak of $2,487 to a low of $2,180.

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• Source: https://thecryptobasic.com/2024/01/26/fears-of-price-dump-mount-as-celsius-prepares-to-unleash-1030501203-in-eth/?utm_source=rss&utm_medium=rss&utm_campaign=fears-of-price-dump-mount-as-celsius-prepares-to-unleash-1030501203-in-eth