Troubled Crypto Lender Liquifying Ethereum Holdings
Now, Celsius is preparing to liquidate its Ethereum holdings ahead of its planned asset distribution to creditors.
The lending firm announced that it would unstake its existing Ether holdings, citing the staking rewards income.
Plans to Distribute Ethereum to Creditors
The lender is currently in the process of recalling and rebalancing assets, aiming to ensure ample liquidity for the upcoming asset distributions.
It plans to leverage the unlocked Ether to facilitate timely distributions to its creditors.
Significant Impact on Ether Price
Analysts believe the unstaking event will alleviate the selling pressure on Ethereum and create opportunities for long-term gains.
Furthermore, some argue that Ether has underperformed its competitors recently, highlighting the importance of this development for the token’s future price trajectory.
Hot Take
Celsius’ decision to unstake its Ethereum holdings and distribute assets to creditors is expected to have a significant impact on the Ether market. This move is anticipated to reduce selling pressure on Ethereum and pave the way for long-term price appreciation, amidst recent underperformance compared to other tokens.
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