{"id":35522,"date":"2024-01-27T02:52:37","date_gmt":"2024-01-27T06:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35522"},"modified":"2024-01-27T02:52:37","modified_gmt":"2024-01-27T06:52:37","slug":"ethereum-faces-market-tremors-as-celsius-offloads-1-billion-in-eth","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/27\/ethereum-faces-market-tremors-as-celsius-offloads-1-billion-in-eth\/","title":{"rendered":"Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH"},"content":{"rendered":"

Ethereum (ETH) is about witnessing a potential sell-off worth $1 billion. This significant transaction is rooted in actions by Celsius, a bankrupt crypto lender. Reports<\/a> from on-chain analyst Lookonchain indicate that Celsius initiated the transfer of 459,561 ETH, estimated to be worth around $1.014 billion, to various exchanges.<\/p>\n

The breakdown of this large-scale distribution includes 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller sums totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase, respectively. Despite this transfer, Lookonchain disclosed that Celsius still maintains a reserve of 62,468 ETH, valued at roughly $139 million.<\/p>\n

Celsius transferred 459,561 $ETH<\/a>($1.014B) out 9 hrs ago.<\/p>\n

297,454 $ETH<\/a>($656.5M) \u2192 #CoinbasePrime<\/a>
\n146,507 $ETH<\/a> ($323.3M) \u2192 #PaxosTreasury<\/a>
\n7,800 $ETH<\/a>($17.2M) \u2192 #FalconX<\/a>
\n7,800 $ETH<\/a>($17.2M) \u2192 #Coinbase<\/a>.<\/p>\n

And #Celsius<\/a> still has 62,468 $ETH<\/a>($139M) left.https:\/\/t.co\/O71a2LfeKg<\/a> pic.twitter.com\/adcxQA3POn<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) January 26, 2024<\/a><\/p>\n

This significant transfer<\/a> carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum\u2019s price, with potential implications for broader market sentiment. Ethereum could see a significant plunge if the $1.014 billion worth of ETH is sold simultaneously.<\/p>\n

Celsius\u2019 Previous Ethereum Transactions<\/h2>\n

Celsius\u2019 latest Ethereum transactions aren\u2019t isolated events. LookonChain has previously spotted significant transfers linked to Celsius<\/a>, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX.<\/p>\n

While these moves indicate Celsius\u2019 proactive strategy in managing its financial challenges, they also signal potential volatility for Ethereum\u2019s market value.<\/p>\n

Furthermore, Arkham Intelligence reports<\/a> that between January 8 and January 12, Celsius liquidated over $125 million<\/a> worth of Ethereum. The primary objective of these sales is to fulfill obligations to creditors.<\/p>\n

Dune Analytics also highlighted the pattern of large-scale Ethereum redemptions, noting redemptions exceeding $1.6 billion. Since last year\u2019s Shanghai update, this figure represents the highest Ethereum redemptions recorded.<\/p>\n

As part of its bankruptcy proceedings, Celsius continues liquidating Ethereum holdings to pay off debts<\/a>.<\/p>\n

Ethereum\u2019s Market Reaction<\/h2>\n

In the aftermath of Celsius\u2019s Ethereum transactions, the asset has seen a nearly 10% decline in value over the past week, dropping from a high above $2,600 to around $2,186 yesterday. However, Ethereum has slightly recovered, rising by 2.2% in the past 24 hours, with a trading price of $2,258 at the time of writing.<\/p>\n

Amid these market developments, Michael van de Poppe, a renowned crypto analyst, has identified three key factors<\/a> that could signal a bullish phase for ETH. A significant element is Bitcoin\u2019s market behavior, often setting the tone for altcoins.<\/p>\n

Van de Poppe notes that Bitcoin\u2019s indications of bottoming out usually precede rallies in altcoins, suggesting a potential upturn for Ethereum. He also emphasizes the increasing excitement around spot Ethereum ETFs, which could catalyze Ethereum\u2019s market value in the coming weeks.<\/p>\n

Additionally, Ethereum\u2019s impending network upgrades, which aim to reduce transaction costs significantly, are expected to enhance the network\u2019s efficiency and scalability, potentially boosting its market appeal.<\/p>\n

The momentum towards $ETH<\/a> is probably going to come in the next few weeks.<\/p>\n

Arguments:
\n\u2013 #Bitcoin<\/a> bottoming out is a trigger for altcoins to make a new run.
\n\u2013 Ethereum Spot ETF hype.
\n\u2013 Ethereum launching new upgrades to reduce 90% of the costs. pic.twitter.com\/N8bDi52F8M<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) January 25, 2024<\/a><\/p>\n

Featured image Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum (ETH) is about witnessing a potential sell-off worth $1 billion. This significant transaction is rooted in actions by Celsius, a bankrupt crypto lender. Reports<\/a> from on-chain analyst Lookonchain indicate that Celsius initiated the transfer of 459,561 ETH, estimated to be worth around $1.014 billion, to various exchanges.<\/p>\n

The breakdown of this large-scale distribution includes 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller sums totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase, respectively. Despite this transfer, Lookonchain disclosed that Celsius still maintains a reserve of 62,468 ETH, valued at roughly $139 million.<\/p>\n

Celsius transferred 459,561 $ETH<\/a>($1.014B) out 9 hrs ago.<\/p>\n

297,454 $ETH<\/a>($656.5M) \u2192 #CoinbasePrime<\/a>
\n146,507 $ETH<\/a> ($323.3M) \u2192 #PaxosTreasury<\/a>
\n7,800 $ETH<\/a>($17.2M) \u2192 #FalconX<\/a>
\n7,800 $ETH<\/a>($17.2M) \u2192 #Coinbase<\/a>.<\/p>\n

And #Celsius<\/a> still has 62,468 $ETH<\/a>($139M) left.https:\/\/t.co\/O71a2LfeKg<\/a> pic.twitter.com\/adcxQA3POn<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) January 26, 2024<\/a><\/p>\n

This significant transfer<\/a> carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum\u2019s price, with potential implications for broader market sentiment. Ethereum could see a significant plunge if the $1.014 billion worth of ETH is sold simultaneously.<\/p>\n

Celsius\u2019 Previous Ethereum Transactions<\/h2>\n

Celsius\u2019 latest Ethereum transactions aren\u2019t isolated events. LookonChain has previously spotted significant transfers linked to Celsius<\/a>, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX.<\/p>\n

While these moves indicate Celsius\u2019 proactive strategy in managing its financial challenges, they also signal potential volatility for Ethereum\u2019s market value.<\/p>\n

Furthermore, Arkham Intelligence reports<\/a> that between January 8 and January 12, Celsius liquidated over $125 million<\/a> worth of Ethereum. The primary objective of these sales is to fulfill obligations to creditors.<\/p>\n

Dune Analytics also highlighted the pattern of large-scale Ethereum redemptions, noting redemptions exceeding $1.6 billion. Since last year\u2019s Shanghai update, this figure represents the highest Ethereum redemptions recorded.<\/p>\n

As part of its bankruptcy proceedings, Celsius continues liquidating Ethereum holdings to pay off debts<\/a>.<\/p>\n

Ethereum\u2019s Market Reaction<\/h2>\n

In the aftermath of Celsius\u2019s Ethereum transactions, the asset has seen a nearly 10% decline in value over the past week, dropping from a high above $2,600 to around $2,186 yesterday. However, Ethereum has slightly recovered, rising by 2.2% in the past 24 hours, with a trading price of $2,258 at the time of writing.<\/p>\n

Amid these market developments, Michael van de Poppe, a renowned crypto analyst, has identified three key factors<\/a> that could signal a bullish phase for ETH. A significant element is Bitcoin\u2019s market behavior, often setting the tone for altcoins.<\/p>\n

Van de Poppe notes that Bitcoin\u2019s indications of bottoming out usually precede rallies in altcoins, suggesting a potential upturn for Ethereum. He also emphasizes the increasing excitement around spot Ethereum ETFs, which could catalyze Ethereum\u2019s market value in the coming weeks.<\/p>\n

Additionally, Ethereum\u2019s impending network upgrades, which aim to reduce transaction costs significantly, are expected to enhance the network\u2019s efficiency and scalability, potentially boosting its market appeal.<\/p>\n

The momentum towards $ETH<\/a> is probably going to come in the next few weeks.<\/p>\n

Arguments:
\n\u2013 #Bitcoin<\/a> bottoming out is a trigger for altcoins to make a new run.
\n\u2013 Ethereum Spot ETF hype.
\n\u2013 Ethereum launching new upgrades to reduce 90% of the costs. pic.twitter.com\/N8bDi52F8M<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) January 25, 2024<\/a><\/p>\n

Featured image Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35522","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35522"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35522\/revisions"}],"predecessor-version":[{"id":35526,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35522\/revisions\/35526"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35522"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}