thecoinrepublic.com
- 1 Celsius Network transferred $95.5 Million of Ethereum to Coinbase and $29.7 million to FalconX, according to Arkham Intelligence.
- 2 The remaining ETH balance with the bankrupt crypto lender is 580,000 ETH.
- 3 On the first day of the market, the ETF hype gathered over $400 Million in the market.
An on-chain analysis firm Arkham Intelligence posted some screenshots on its ‘X’ handle of the transactions performed by the bankrupt crypto lender, Celsius Network.
The screenshots showed that Celsius performed dozens of transactions between January 8 to January 12, including transfers worth $95.5 Million of Ethereum to Coinbase and $29.7 Million to FalconX.
Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week.
— Arkham (@ArkhamIntel) January 13, 2024
In the past week, they’ve deposited $95.5M to Coinbase and sent $29.73M to FalconX.
They still have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
The firm also reported the remaining ETH balance in the wallet of Celsius Network, which was 580,000 ETH. At the time of writing, these holdings are worth $1.46 Billion, and the Bitcoin holdings of the company amount to $417 Million.
Earlier on January 5th, the bankrupt lender unstaked a significant 206,300 RTH, with a primary motive of repaying the ecosystem’s users who have been waiting for the last couple of months, and the remaining amount was said to be used in the restructuring process.
Following the decision to unstake the ETH holdings, analysts started speculating that the sudden sell-off of a major chunk of the holdings would affect the price of Ethereum on a larger scale. The plan to return funds to its creditors and customers has been in process for a long time, but no specific date has been announced yet regarding when the process will be completed.
In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity
— Celsius (@CelsiusNetwork) January 4, 2024
The creditors have been eagerly waiting since the first bankruptcy of Celsius Network, but the company did not clarify any dates. As per analysts, the sudden bankruptcy of the company was followed by larger crashes, including those of Terra Luna and FTX.
It is important to note that during the unprecedented bankruptcy of Celsius Network, the market was struggling and almost every token/coin of the market was struggling. Bitcoin was trading in the range between $20k- $25k at that time and at the time of writing, it was trading at $42,578.67 with a 365-day surge of 105.71%.
Post-ETF Crypto Market Analysis
Before the approval of the Bitcoin spot ETF, the market was flourishing significantly and Bitcoin was about to break the resistance level of $49k, but a sudden reversal in the price was seen following the approval of the ETF by the U.S. SEC.
Despite positive sentiments, the price seems to be struggling two days after approval. However, on the first day of the market the ETF hype gathered over $400 Million in the market.
Similarly, ETH was also on fire because after the first spot ETF approval, there was enthusiasm among investors in the market for the news along with other gossip about the yet-to-be-discussed Ether spot ETF, which created a positive momentum in terms of price.
In the past 30 days, Ethereum traded highest at $2,710 and was constantly trying to break $2,800. At the time of writing, it was trading at $2,538.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.