Ethereum Faces Potential $1 Billion Sell-Off as Celsius Initiates Transfer
Ethereum (ETH) is on the verge of experiencing a massive sell-off valued at $1 billion. This transfer is initiated by Celsius, a bankrupt crypto lender. According to reports from on-chain analyst Lookonchain, Celsius has transferred 459,561 ETH, equivalent to around $1.014 billion, to various exchanges.
Breakdown of the Transfer
The distribution of this large-scale transfer includes 297,454 ETH ($656.5 million) sent to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller amounts totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase. However, Celsius still holds a reserve of 62,468 ETH, valued at approximately $139 million.
Celsius’ Previous Ethereum Transactions
This recent transfer is not an isolated event for Celsius. LookonChain has previously observed significant transfers associated with Celsius, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX. These transactions indicate proactive financial management by Celsius but also signal potential volatility for Ethereum’s market value.
Ethereum’s Market Reaction
Following Celsius’ Ethereum transactions, Ethereum’s price has declined by nearly 10% in the past week. However, it has slightly recovered in the last 24 hours with a trading price of $2,258. Analysts suggest that several factors could lead to a bullish phase for Ethereum, including Bitcoin’s market behavior and the excitement around spot Ethereum ETFs. Additionally, upcoming network upgrades aimed at reducing transaction costs are expected to enhance Ethereum’s efficiency and scalability.
Hot Take: Ethereum Braces for Potential Sell-Off Amid Celsius’ Transfer
Ethereum faces a critical moment as Celsius, a bankrupt crypto lender, initiates a massive transfer of ETH. This transfer, valued at $1 billion, exerts significant pressure on Ethereum’s price and could lead to a substantial plunge if the entire amount is sold simultaneously. Despite recent declines, there are factors that suggest a potential upturn for Ethereum, including Bitcoin’s market behavior, spot Ethereum ETFs, and upcoming network upgrades. It remains to be seen how Ethereum will navigate this sell-off and whether it can regain its momentum in the market.
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