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In a move that is sending shockwaves through the cryptocurrency community, Celsius Network, currently navigating through bankruptcy proceedings, has executed substantial Ethereum (ETH) transactions worth $40 million on Coinbase. This latest development comes as part of Celsius' ongoing efforts to meet its financial obligations and settle with creditors, even as it holds a considerable Ethereum reserve.
According to a recent tweet from Lookonchain, a prominent blockchain analytics firm, the Celsius wallet deposited 18,000 ETH ($40 million) to Coinbase just 12 hours ago. This follows a pattern of consistent Ethereum deposits by Celsius, totaling a staggering $280,760 ETH ($621 million) to various platforms including Coinbase, FalconX and OKX since Nov. 13.
The accumulated Ethereum holding for Celsius currently stands at an impressive 540,029 ETH, equivalent to a valuation of around $1.2 billion. Arkham Intelligence, another blockchain analytics provider, revealed that Celsius engaged in Ethereum sales amounting to more than $125 million between Jan. 8 and Jan. 12. These sales are part of a strategic plan to satisfy outstanding debts and fulfill the requirements of the ongoing bankruptcy proceedings.
Ethereum price movements
The current market price of Ethereum stands at $2,259, reflecting a 1.42% increase over the last 24 hours. However, the coin has experienced an 11.33% decrease in the past seven days. The trading volume for ETH is also down by 1.81% in the last 24 hours, with a total value of $14,257,423,116.
Market analysts and enthusiasts are closely monitoring how these substantial Ethereum transactions by Celsius will impact overall market sentiment. With the cryptocurrency community already grappling with volatility, this move by Celsius adds another layer of uncertainty.
The question on everyone's mind is how the Ethereum price will react to such a significant liquidation by one of the prominent players in the crypto space. As Celsius navigates the complexities of its bankruptcy proceedings, all eyes will be on how these transactions unfold and whether they will have broader implications for the Ethereum market and the cryptocurrency industry as a whole.
Alex Dovbnya
Godfrey Benjamin
Vladislav Sopov
Dan Burgin