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In a move that is sending shockwaves through the cryptocurrency community, Celsius Network, currently navigating through bankruptcy proceedings, has executed substantial Ethereum (ETH) transactions worth $40 million on Coinbase. This latest development comes as part of Celsius’ ongoing efforts to meet its financial obligations and settle with creditors, even as it holds a considerable Ethereum reserve.
According to a recent tweet from Lookonchain, a prominent blockchain analytics firm, the Celsius wallet deposited 18,000 ETH ($40 million) to Coinbase just 12 hours ago. This follows a pattern of consistent Ethereum deposits by Celsius, totaling a staggering $280,760 ETH ($621 million) to various platforms including Coinbase, FalconX and OKX since Nov. 13.
The #Celsius wallet deposited 18K $ETH($40M) to #Coinbase again 12 hours ago.#Celsius has deposited a total of $280,760 $ETH($621M) to #Coinbase, #FalconX, and #OKX since Nov 13.
And #Celsius currently holds 540,029 $ETH($1.2B).https://t.co/3gGOucC9gY pic.twitter.com/cNxa0Wgd73
The accumulated Ethereum holding for Celsius currently stands at an impressive 540,029 ETH, equivalent to a valuation of around $1.2 billion. Arkham Intelligence, another blockchain analytics provider, revealed that Celsius engaged in Ethereum sales amounting to more than $125 million between Jan. 8 and Jan. 12. These sales are part of a strategic plan to satisfy outstanding debts and fulfill the requirements of the ongoing bankruptcy proceedings.
The current market price of Ethereum stands at $2,259, reflecting a 1.42% increase over the last 24 hours. However, the coin has experienced an 11.33% decrease in the past seven days. The trading volume for ETH is also down by 1.81% in the last 24 hours, with a total value of $14,257,423,116.
Market analysts and enthusiasts are closely monitoring how these substantial Ethereum transactions by Celsius will impact overall market sentiment. With the cryptocurrency community already grappling with volatility, this move by Celsius adds another layer of uncertainty.
The question on everyone’s mind is how the Ethereum price will react to such a significant liquidation by one of the prominent players in the crypto space. As Celsius navigates the complexities of its bankruptcy proceedings, all eyes will be on how these transactions unfold and whether they will have broader implications for the Ethereum market and the cryptocurrency industry as a whole.
With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insight and communicative flair to the crypto space. Having penned countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and crypto newcomers alike.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
