Bankrupt crypto lender Celsuis has continued its persistent Ethereum unloading after sending $40 million worth of the asset to decentralized exchanges. On-chain analyst Peckshield reported on Thursday that a wallet related to Celsuis transferred a fresh 18,000 ETH ($40 million) to Coinbase and FalconX.
#PeckShieldAlert #Celsius – labeled address transferred ~18K $ETH (worth ~$40m) to #Coinbase and #FalconX within the last 8 hours pic.twitter.com/znj8wap1xs
— PeckShieldAlert (@PeckShieldAlert) January 25, 2024
The transfer now totals the amount of Ethereum sent by a Celsius-related wallet in the last 64 days to exchanges to 316,780 ETH ($700 million). The crypto lender is poised to refund its customers as part of its ongoing bankruptcy restructuring proceedings.
Selling Pressure
Several other analytics providers also confirmed that Celsius was liquidating its rich Ethereum reserves, with Lookonchain reporting on January 24 that the firm sold 18,000 ETH ($40 million). The on-chain analytics firm confirmed that Celsius began its ETH selling spree on November 13. Since then, it has gone on to transfer ETH to exchanges like Coinbase, FalconX, and OKX.
Cautiously, the staggering amount sold by Celsius only amounts to just 50% of its entire Ethereum holdings. Celsius holds 540,029 ETH valued at $1.2 billion; hence, it could sell off more ETH if it needed more funds to fulfill its customer settlement needs.
Ethereum Feeling the Pressure
The joyous uptrend on Ethereum has quickly winded down as the asset has capitulated recently. Selling pressure from Celsius and a general market downtrend have seen Ethereum grapple for $2,200.
Narratives on Ethereum have turned bearish in the short term, with investors looking out for how the crypto asset keeps key levels at $2,150. Macroeconomics like the Securities and Exchange Commission’s (SEC) delay of BlackRock’s Ether ETF have not helped the course of Ethereum either.
