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Bankrupt crypto lender Celsius Networks has been moving a very large number of its Ethereum holdings to exchanges in recent days. This unstaking of ETH and moving it to exchanges comes as part of its recovery plans amid the ongoing bankruptcy process.
Celsius Moves $35 Million Worth of Ethereum
In the latest insights from on-chain data provider LookonChain, the Celsius wallet has executed significant transactions in the past 10 hours. A deposit of 13,000 ETH, equivalent to $30.34 million, was made to Coinbase, while another transaction involved the deposit of 2,200 ETH, amounting to $5.13 million, to FalconX.
As of the latest data, two staking wallets associated with Celsius continue to hold a substantial amount of Ethereum (ETH). The combined holdings in these staking wallets total 557,081 ETH, valuing approximately $1.3 billion. These transactions and the significant Ethereum holdings in Celsius wallets add an interesting dimension to the ongoing movements and activities within the crypto space.
Arkham Intelligence revealed that between January 8 and January 12, Celsius liquidated over $125 million worth of Ethereum (ETH) coins. As said, this sale particularly aims at repaying creditors. Concurrently, Dune Analytics reported a more extensive trend of redemptions, with over $1.6 billion worth of staked Ethereum redeemed in the same timeframe. These redemptions represent the largest recorded since the Shanghai upgrade last year.
ETH Price Pressure
Amid the recent movement of ETH coins by Celsius, the ETH price has come under strong selling pressure. As of press time, the ETH price has tanked an additional 4% dropping under $2,350 levels. Thus, one area of concern is that the ETH price has dropped under its key demand zone of $2,388 and $2,460.
If Ethereum is unable to sustain the mentioned support, there is a potential for a retracement to the subsequent significant support level, projected to be approximately $2,000. As shown in the Santiment chart, when there are sudden increases in big transactions by wealthy investors (whales), it aligns with moments when Ethereum holders are also taking profits, according to the NRPL metric. When these large wallet owners sell to take profits, it usually puts more selling pressure on the asset and causes prices to go down.
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