Celsius Shifts $40 Mln Ethereum To Coinbase Amid ETH Price Dip To $2,200

Celsius Network, a bankrupt crypto lender, has been on a sell-off spree as it is liquidating its crypto assets to repay its creditors. Most of the sell-off circles around Ethereum (ETH) as it constitutes a majority of Celsius’ reserves. In the latest development, the crypto lender transferred over $40 million worth of ETH to Coinbase, a leading crypto exchange.

Celsius Transfers Massive ETH Reserve To Coinbase

According to data from Lookonchain, an on-chain tracking platform, Celsius recently moved 18,000 ETH tokens from their reserves to Coinbase. The transaction accounted for nearly $40 million worth of ETH being transferred, considering the current ETH price trend.

Furthermore, as the Celsius ETH unstaking program progresses, it has been reported that since November 13, 2023, the institution has deposited a total of $280,760 ETH tokens to Coinbase, FalconX, and OKX exchanges. This accounts for a massive $621 million worth of Celsius ETH reserves being unstaked.

Whilst, Celsius currently holds an Ethereum reserve of 540,029 tokens, valued at over $1.2 billion. Earlier, on Monday, Celsius recorded a deposit of 13,000 ETH worth $30.34 million to Coinbase. Moreover, another transaction noted a shift of 2,200 ETH, equivalent to $5.13 million, to FalconX.

In addition, last week, the bankrupt crypto lending firm transferred 34.8 million Polygon (MATIC) tokens to Binance, the world’s largest crypto exchange. The transaction was valued at $26 million at the time. Moreover, FTX joined in with a significant transfer of ETH and Wrapped Bitcoin (WBTC) to Wintermute and Binance.

Also Read: Divergent Views on Spot Ethereum ETF Approval, ETH Price Drops 5%

Ethereum Price Falls To $2,200 Range

The Ethereum price has dropped below $2,300, which is spurred by the overall bearish sentiment in the market. However, the ETH price showed signs of a rebound as it gained 0.43% and traded at $2,239.26 at press time on Wednesday, January 24. The second-largest crypto displayed a market valuation of $269.07 billion.

Whilst, the trading volume for Ethereum dropped 1.32% to $14.40 billion in the past 24 hours. During the day, the ETH price extended as low as $2,167.28 before surpassing the $2,200 level again. Moreover, it’s important to note that ETH has lost over 54% from its ATH of $4,891.70 two years ago.

In addition, the crypto has plunged more than 17% from its high of $2,710.42 attained in the week the Spot Bitcoin ETFs were approved. According to TradingView data, ETH is boasting a strong bearish outlook in the short term, considering the EMA values. Currently, ETH is trading fairly lower than the 10-day and 50-day EMAs of 2380.3 and 2316.1, respectively.

Also Read: Coinbase CLO Challenges Court Ruling In SEC vs Crowd Machine Lawsuit