Celsius transferred 459,561 ($1.014B) out 9 hrs ago.297,454 ($656.5M) →
And still has 62,468 ($139M) left. — Lookonchain (@lookonchain)
146,507 ($323.3M) →
7,800 ($17.2M) →
7,800 ($17.2M) → .
This significant transfer carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum’s 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.
Celsius’ Previous Ethereum Transactions
Celsius’ latest Ethereum transactions aren’t isolated events. LookonChain has previously spotted significant transfers linked to Celsius, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX.
While these moves indicate Celsius’ proactive strategy in managing its financial challenges, they also signal potential volatility for Ethereum’s market value.Furthermore, Arkham Intelligence that between January 8 and January 12, Celsius liquidated over $125 million worth of Ethereum. The primary objective of these sales is to fulfill obligations to creditors.
As part of its bankruptcy proceedings, Celsius continues liquidating Ethereum holdings to pay off debts.
Ethereum’s Market Reaction
In the aftermath of Celsius’s 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.Amid these market developments, Michael van de Poppe, a renowned crypto analyst, has identified three key factors that could signal a bullish phase for ETH. A significant element is Bitcoin’s market behavior, often setting the tone for altcoins.
Van de Poppe notes that Bitcoin’s 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’s market value in the coming weeks. Additionally, Ethereum’s impending network upgrades, which aim to reduce transaction costs significantly, are expected to enhance the network’s efficiency and scalability, potentially boosting its market appeal.The momentum towards is probably going to come in the next few weeks.Featured image Unsplash, Chart from TradingViewArguments:
— Michaël van de Poppe (@CryptoMichNL)
– bottoming out is a trigger for altcoins to make a new run.
– Ethereum Spot ETF hype.
– Ethereum launching new upgrades to reduce 90% of the costs.