{"id":365521,"date":"2024-01-24T08:00:33","date_gmt":"2024-01-24T02:30:33","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=365521"},"modified":"2024-01-23T19:26:32","modified_gmt":"2024-01-23T13:56:32","slug":"will-ethereum-bear-the-brunt-of-celsius-moves","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-ethereum-bear-the-brunt-of-celsius-moves\/","title":{"rendered":"Will Ethereum bear the brunt of Celsius&#8217; moves?"},"content":{"rendered":"<ul>\n<li><em>Celsius made massive ETH transactions in the wake of its bankruptcy proceedings.<\/em><\/li>\n<li><em>Gas usage on the network declined, however, NFT activity remained high.<\/em><\/li>\n<\/ul>\n<p>The most recent data insights from on-chain analytics provider LookonChain revealed massive transactions within the Celsius wallet over the past 10 hours.<\/p>\n<p>Specifically, a deposit of 13,000 <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a>, valued at $30.34 million, was executed on Coinbase, alongside another transaction involving the deposit of 2,200 ETH, totaling $5.13 million, to FalconX.<\/p>\n<h4>Turning up the heat<\/h4>\n<p>For context, Celsius Networks is a cryptocurrency lending platform undergoing bankruptcy proceedings. This is why it has been actively transferring a substantial portion of its Ethereum holdings to various exchanges.<\/p>\n<p>This process of unstaking ETH and relocating it to exchanges is a strategic move aligned with the platform&#8217;s recovery efforts during the ongoing bankruptcy proceedings.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/hashtag\/Celsius?src=hash&amp;ref_src=twsrc%5Etfw\">#Celsius<\/a> wallet deposited 13K <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($30.34M) to <a href=\"https:\/\/twitter.com\/hashtag\/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw\">#Coinbase<\/a> and 2,200 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($5.13M) to <a href=\"https:\/\/twitter.com\/hashtag\/FalconX?src=hash&amp;ref_src=twsrc%5Etfw\">#FalconX<\/a> again in the past 10 hours.<\/p>\n<p>Currently, 2 staking wallets of <a href=\"https:\/\/twitter.com\/hashtag\/Celsius?src=hash&amp;ref_src=twsrc%5Etfw\">#Celsius<\/a> still hold 557,081 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($1.3B).<\/p>\n<p>Address:<a href=\"https:\/\/t.co\/3gGOucC9gY\">https:\/\/t.co\/3gGOucC9gY<\/a><a href=\"https:\/\/t.co\/zodN4gzVHK\">https:\/\/t.co\/zodN4gzVHK<\/a><a href=\"https:\/\/t.co\/Jjt9fCN2Ej\">https:\/\/t.co\/Jjt9fCN2Ej<\/a> <a href=\"https:\/\/t.co\/E9DIZ9KDAH\">pic.twitter.com\/E9DIZ9KDAH<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1749624567457558928?ref_src=twsrc%5Etfw\">January 23, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the most recent data available, two staking wallets affiliated with Celsius retained a considerable quantity of Ethereum.<\/p>\n<p>The aggregate holdings within these staking wallets amounted to 557,081 ETH at press time, equivalent to an approximate value of $1.3 billion.<\/p>\n<h4>ETH sees red<\/h4>\n<p>The amount of ETH being held by Celsius could affect market sentiment, and their sudden moves may cause FUD around ETH.<\/p>\n<p>At press time, the king of altcoins traded at $2,229.54, with its price having fallen by 6.46% in the last 24 hours. Its MVRV ratio also fell during this period, denoting that many holders posted losses.<\/p>\n<p>This could be a positive development for ETH, as there was no incentive for these addresses to sell their holdings.<\/p>\n<p>Additionally, despite Celsius depositing their ETH to exchanges, the concentration of ETH held by whales remained high. The rising interest from whales could help move ETH&#8217;s price in a positive direction.<\/p>\n<figure id=\"attachment_365534\" aria-describedby=\"caption-attachment-365534\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-365534\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.28.01-23-Jan-2024-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-365534\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>Despite these factors, the number of short positions taken against ETH had grown. According to Coinglass&#8217; data, the number of short positions taken against ETH grew to 53.12% in the last few days.<\/p>\n<figure id=\"attachment_365537\" aria-describedby=\"caption-attachment-365537\" style=\"width: 2730px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM.png\"><img decoding=\"async\" class=\"size-full wp-image-365537\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM.png\" alt=\"\" width=\"2730\" height=\"680\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM-300x75.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM-1024x255.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM-768x191.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM-1536x383.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-23-at-5.31.07\u202fPM-2048x510.png 2048w\" sizes=\"(max-width: 2730px) 100vw, 2730px\" \/><\/a><figcaption id=\"caption-attachment-365537\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<h4>State of the network<\/h4>\n<p>Coming to the state of the network, it was seen that the gas usage on the Ethereum network had plummeted. This meant that overall activity on the network had declined.<\/p>\n<p>However, overall NFT trades on the Ethereum network continued to rise, suggesting that there may be hope for the interest in Ethereum to be rejuvenated in the future.<\/p>\n<figure id=\"attachment_365536\" aria-describedby=\"caption-attachment-365536\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-365536\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.30.32-23-Jan-2024-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-365536\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Celsius moved significant amounts of Ethereum amidst its bankruptcy proceedings.<\/p>\n","protected":false},"author":73,"featured_media":365543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-365521","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will Ethereum bear the brunt of Celsius&#039; moves? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"In response to its ongoing bankruptcy proceedings, Celsius executed substantial ETH transactions. 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