Whale Ethereum (ETH) Transfers from Celsius and FTX
A recent report has revealed that bankrupt cryptocurrency company, Celsius Network, and FTX have transferred a sizeable amount of Ethereum (ETH) from their holdings to centralized exchanges. According to data from on-chain tracker Spotonchain, both Celsius and FTX have been depositing large quantities of Ethereum to other crypto exchanges. These transfers took place when the price of Ethereum crossed the $2,300 mark.
Sell Off from the Crypto Asset’s Whale
Last week, an Ethereum whale allegedly holding about 10,000 ETH worth over $23 million was reported to be selling the token. The whale transferred 3,700 ETH valued at $8.72 million to the Binance platform. Another whale transaction saw about 6,099 ETH being sold for $12 million.
The selling frenzy of these whales could have two effects on the cryptocurrency asset. It may benefit the Ethereum market if it increases price stability and balance. However, if it devolves into disruption, it could send the price into wild swings and undermine market stability.
Hot Take: Major Cryptocurrency Companies Adjusting Positions in Response to Market Volatility
Significant Ethereum transfers by major cryptocurrency companies like Celsius Network and FTX highlight how they are constantly adjusting their positions and strategies in response to market volatility. These moves are closely monitored by investors and the community as they provide possible insights into future changes and market patterns.
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