Celsius Network Transfers $40 Million Worth of Ethereum to Coinbase
Celsius Network, a bankrupt crypto lender, has been selling off its crypto assets to repay its creditors. Most of the sell-off has involved Ethereum (ETH), which makes up a majority of Celsius’ reserves. In the latest development, the company transferred over $40 million worth of ETH to Coinbase, a leading crypto exchange.
Massive ETH Reserve Transfer to Coinbase
According to data from Lookonchain, Celsius recently moved 18,000 ETH tokens from their reserves to Coinbase. This transaction accounted for nearly $40 million worth of ETH being transferred.
In addition, since November 13, 2023, Celsius has deposited a total of $621 million worth of ETH tokens to Coinbase, FalconX, and OKX exchanges as part of its unstaking program. Currently, Celsius holds an Ethereum reserve of 540,029 tokens valued at over $1.2 billion.
Last week, the company also transferred 34.8 million Polygon (MATIC) tokens to Binance and made significant transfers of ETH and Wrapped Bitcoin (WBTC) to Wintermute and Binance.
Ethereum Price Falls Below $2,300
The overall bearish sentiment in the market has caused the price of Ethereum to drop below $2,300. However, the price showed signs of a rebound as it gained 0.43% and traded at $2,239.26 at press time. The second-largest crypto displayed a market valuation of $269.07 billion.
The trading volume for Ethereum dropped 1.32% to $14.40 billion in the past 24 hours. Although the price dipped as low as $2,167.28, it has since surpassed the $2,200 level. It’s important to note that ETH has lost over 54% from its all-time high (ATH) of $4,891.70 two years ago.
According to TradingView data, ETH is currently trading below its 10-day and 50-day exponential moving averages (EMAs), indicating a strong bearish outlook in the short term.
Hot Take: Celsius Network Liquidates ETH Reserves amid Market Downturn
Celsius Network’s decision to liquidate its Ethereum reserves comes as the crypto lender faces bankruptcy and strives to repay its creditors. By transferring over $40 million worth of ETH to Coinbase and making other significant transfers, Celsius is taking steps to address its financial obligations.
Meanwhile, the price of Ethereum has fallen below $2,300 due to the overall bearish sentiment in the market. Despite showing signs of a rebound, ETH has experienced significant losses from its ATH and is currently trading below key EMAs.
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