FTX and Celsius Deposit Large Amounts of Ethereum on Exchanges, ETH Price Drop soon?
The world’s second-largest cryptocurrency Ethereum (ETH) has been showing some good price action with the ETH price shooting all the way to $2,300 earlier this week. At press time, ETH is trading at $2,281 with a market cap of $274 billion.
FTX and Celsius Deposit Large Amounts of ETH to Exchanges
As per the latest data, two bankrupt crypto firms FTX and Celsius Networks have been depositing large amounts of ETH to the crypto exchanges. Both FTX and Celsius Network have initiated substantial Ethereum (ETH) transfers following the resurgence of ETH prices above $2,300.
As per data by SpotonChain, bankrupt crypto lender Celsius Network executed a substantial ETH deposit of 7,500 ETH (equivalent to $17.4 million) to FalconX approximately 8 hours ago. This move comes on the heels of Celsius depositing a staggering 25,000 ETH (equivalent to $57 million) to both FalconX and Coinbase in the past week. The strategic transfers indicate notable activity and investment decisions within Celsius Network.
On the other hand, FTX made a significant move by transferring 1,593 ETH (equivalent to $3.66 million) to the address labeled 0xCeF around 55 minutes ago. Notably, the destination address 0xCeF currently holds 2,244 ETH (equivalent to $5.16 million) and hints at a potential ETH deposit to Coinbase in the near future. FTX’s timely and sizable transactions add to the dynamic landscape of crypto exchanges responding to market movements.
These substantial ETH transfers from Celsius Network and FTX underscore the evolving strategies and positions of major crypto entities amid the cryptocurrency market’s continuous fluctuations. Investors and enthusiasts are keenly observing these movements for potential insights into market trends and upcoming developments.
Ethereum Price Action Ahead
The Ethereum (EHT) price has been able to sustain above $2,300 and has been facing rejection at those levels. On the downside, the crucial demand zone for ETH is from $1,934 to $2,160. Within this demand zone, 5.58 million addresses have been holding a total of nearly 40 million $ETH.
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
