{"id":570892,"date":"2024-01-23T09:45:38","date_gmt":"2024-01-23T09:45:38","guid":{"rendered":"https:\/\/wncen.com\/?p=570892"},"modified":"2024-01-23T09:45:38","modified_gmt":"2024-01-23T09:45:38","slug":"celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing\/","title":{"rendered":"Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing"},"content":{"rendered":"

Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the digital currency landscape.<\/p>\n

In the past 10 hours, on-chain analysts at LookonChain detected noteworthy transfers, including a 13,000 ETH deposit ($30 million) on Coinbase and an additional 2,200 ETH ($5 million) on FalconX. These transactions suggest a proactive stance by Celsius in addressing its ongoing financial challenges.<\/p>\n

Related Reading: XRP Crash Fears Mount As Whale Dumps 26 Million Tokens \u2013 Details<\/a><\/div>\n

Celsius Sells $125M ETH, Maintains $1.3B Reserve<\/strong><\/h2>\n

According to Arkham Intelligence<\/a>, Celsius sold more than $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The primary goal of this auction is to pay off creditors.<\/p>\n

Dune Analytics also revealed a more widespread pattern of redemptions, with over $1.6 billion of staked Ethereum being redeemed during the same period. Since the Shanghai update last year, the amount of redemptions recorded is the highest.<\/p>\n

\n

The #Celsius<\/a> wallet deposited 13K $ETH<\/a>($30.34M) to #Coinbase<\/a> and 2,200 $ETH<\/a>($5.13M) to #FalconX<\/a> again in the past 10 hours.<\/p>\n

Currently, 2 staking wallets of #Celsius<\/a> still hold 557,081 $ETH<\/a>($1.3B).<\/p>\n

Address:https:\/\/t.co\/3gGOucC9gY<\/a>https:\/\/t.co\/zodN4gzVHK<\/a>https:\/\/t.co\/Jjt9fCN2Ej<\/a> pic.twitter.com\/E9DIZ9KDAH<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) January 23, 2024<\/a><\/p><\/blockquote>\n

Despite facing financial constraints imposed by the court, Celsius still holds a substantial Ethereum reserve. This reserve amounts to over 557,000 coins in two staking wallets, with a total valuation of approximately $1.3 billion. The size of this reserve adds a layer of complexity to Celsius’ current financial situation and underscores the evolving narrative within the crypto space.<\/p>\n

\"\"<\/p>\n

Source: LookOnChain<\/pre>\n
As part of its obligations to creditors, Celsius has been actively liquidating its Ethereum holdings. These auctions, aimed at paying off outstanding debts, are integral to Celsius’ bankruptcy proceedings.<\/p>\n
\"\"Source: LookOnChain<\/pre>\n
The market has responded to these Ethereum transactions, resulting in a 4% decline in the price of ETH. The cryptocurrency slipped below the $2,350 mark, raising concerns among analysts, especially as ETH now wavers below its crucial demand zone ranging from $2,380 to $2,461.<\/p>\n
Analysts predict that a failure to maintain this level could lead to a potential retreat towards the $2,000 mark.<\/p>\n
Ethereum currently trading at $2,307.2 on the daily chart: TradingView.com<\/a><\/pre>\n
Wealthy Investors Trigger Ethereum Profit-Taking<\/strong><\/h2>\n
Santiment’s historical data reveals that significant transactions by wealthy investors, commonly known as whales, often trigger profit-taking activities among regular ETH holders. This phenomenon intensifies selling pressure and contributes to price declines.<\/p>\n
Related Reading: From Highs To Lows: Solana\u2019s Price Journey \u2013 Can It Recover From FOMO Fumble?<\/a><\/div>\n
Meanwhile, decreasing funding rates suggest an underlying optimism in the market, hinting at a possible cooldown in previously overheated perpetual markets. This situation leaves room for ETH to rebound once the selling pressure subsides.<\/p>\n
As the bankruptcy drama of Celsius unfolds, the scrutiny on its Ethereum transactions and the resulting market dynamics will persist. Investors and observers are closely monitoring the situation, eagerly awaiting further developments and anticipating the broader implications for both Celsius and the crypto ecosystem.<\/p>\n
Featured image from Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the digital currency landscape. In the past 10 hours, on-chain analysts at LookonChain detected noteworthy transfers, including a 13,000 ETH deposit ($30 million) on Coinbase and an additional 2,200 ETH ($5 million) on FalconX. These transactions suggest a proactive stance by Celsius in addressing its ongoing financial challenges. Related Reading: XRP Crash Fears Mount As Whale Dumps 26 Million Tokens \u2013 Details Celsius Sells $125M ETH, Maintains $1.3B Reserve According to Arkham Intelligence, Celsius sold more than $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The primary goal of this auction is to pay off creditors. Dune Analytics also revealed a more widespread pattern of redemptions, with over $1.6 billion of staked Ethereum being redeemed during the same period. Since the Shanghai update last year, the amount of redemptions recorded is the highest. The #Celsius wallet deposited 13K $ETH($30.34M) to #Coinbase and 2,200 $ETH($5.13M) to #FalconX again in the past 10 hours. Currently, 2 staking wallets of #Celsius still hold 557,081 $ETH($1.3B). Address:https:\/\/t.co\/3gGOucC9gYhttps:\/\/t.co\/zodN4gzVHKhttps:\/\/t.co\/Jjt9fCN2Ej pic.twitter.com\/E9DIZ9KDAH \u2014 Lookonchain (@lookonchain) January 23, 2024 Despite facing financial constraints imposed by the court, Celsius still holds a substantial Ethereum reserve. This reserve amounts to over 557,000 coins in two staking wallets, with a total valuation of approximately $1.3 billion. The size of this reserve adds a layer of complexity to Celsius’ current financial situation and underscores the evolving narrative within the crypto space. Source: LookOnChain As part of its obligations to creditors, Celsius has been actively liquidating its Ethereum holdings. These auctions, aimed at paying off outstanding debts, are integral to Celsius’ bankruptcy proceedings. Source: LookOnChain The market has responded to these Ethereum transactions, resulting in a 4% decline in the price of ETH. The cryptocurrency slipped below the $2,350 mark, raising concerns among analysts, especially as ETH now wavers below its crucial demand zone ranging from $2,380 to $2,461. Analysts predict that a failure to maintain this level could lead to a potential retreat towards the $2,000 mark. Ethereum currently trading at $2,307.2 on the daily chart: TradingView.com Wealthy Investors Trigger Ethereum Profit-Taking Santiment’s historical data reveals that significant transactions by wealthy investors, commonly known as whales, often trigger profit-taking activities among regular ETH holders. This phenomenon intensifies selling pressure and contributes to price declines. Related Reading: From Highs To Lows: Solana\u2019s Price Journey \u2013 Can It Recover From FOMO Fumble? Meanwhile, decreasing funding rates suggest an underlying optimism in the market, hinting at a possible cooldown in previously overheated perpetual markets. This situation leaves room for ETH to rebound once the selling pressure subsides. As the bankruptcy drama of Celsius unfolds, the scrutiny on its Ethereum transactions and the resulting market dynamics will persist. Investors and observers are closely monitoring the situation, eagerly awaiting further developments and anticipating the broader implications for both Celsius and the crypto ecosystem. Featured image from Shutterstock<\/p>\n","protected":false},"author":557,"featured_media":570917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625],"tags":[91278,6664,8323,16163,1946,8686],"class_list":["post-570892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","tag-celcius-networks","tag-crypto","tag-eth","tag-eth-price","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\nCelsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing<\/title>\n<meta name=\"description\" content=\"Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing","url":"http:\/\/wncen.com\/news\/celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a_acde3d.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a_acde3d.png?fit=377%2C249"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["celcius networks","crypto","eth","eth price","ethereum","ethusd"],"dateCreated":"2024-01-23T09:45:38Z","datePublished":"2024-01-23T09:45:38Z","dateModified":"2024-01-23T09:45:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a_acde3d.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a_acde3d.png?fit=377%2C249\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"celcius networks\",\"crypto\",\"eth\",\"eth price\",\"ethereum\",\"ethusd\"],\"dateCreated\":\"2024-01-23T09:45:38Z\",\"datePublished\":\"2024-01-23T09:45:38Z\",\"dateModified\":\"2024-01-23T09:45:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a_acde3d.png?fit=377%2C249","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570892"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=570892"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570892\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/570917"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}