{"id":568269,"date":"2024-01-05T18:00:00","date_gmt":"2024-01-05T18:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=568269"},"modified":"2024-01-05T14:29:07","modified_gmt":"2024-01-05T14:29:07","slug":"ethereum-price-crash-looming-celsius","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-crash-looming-celsius\/","title":{"rendered":"Ethereum Price Crash Looming? Celsius To Unstake $465 Million ETH"},"content":{"rendered":"

Celsius Network, the bankrupt cryptocurrency lending company, is gearing up to unstake approximately $465 million worth of Ethereum (ETH) as part of its efforts to compensate creditors. This development follows the company’s bankruptcy filing<\/a> in July 2022, leaving creditors in a prolonged 18-month wait for financial recompense.<\/p>\n

Celsius’s decision to unstake a substantial amount of ETH is seen as a necessary step to ensure liquidity for creditor compensation<\/a>. The company’s official announcement, made via X (formerly Twitter), highlights the strategic nature of this move:<\/p>\n

\u201cIn preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity. Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,\u201d the announcement<\/a> reads.<\/p>\n

Celsius Responsible For Over 86% Of ETH In Exit Queue?<\/h2>\n

Blockchain analytics firm Nansen states that Celsius possesses approximately one third of the total Ether in the unstaking exit queue, totaling around 206,300 ETH.\u00a0This figure translates to a market value of around $465 million. To date, Celsius has already withdrawn over 40,249 ETH.<\/p>\n

Related Reading: Ethereum Price Tops At 100 SMA, Why ETH Could Struggle In Near Term<\/a><\/div>\n

Tom Wan, an on-chain data analyst at 21.co (parent company of 21Shares), elaborated<\/a> on the situation, \u201cOver 540k staked ETH (16,670 Validators) are currently withdrawing from the Ethereum Beacon chain. To fully exit and withdraw now, it will require 14.5 days.\u201d The researcher added that 352,000 ETH (54.7%) waiting to be withdrawn belongs to Figment and 206,000 ETH (32%) belongs to Celsius.<\/p>\n

\"Ethereum
ETH waiting for withdrawal | Source: X @tomwanhh<\/figcaption><\/figure>\n

\u201cIt is also likely that the withdrawal by Figment belongs to Celsius. Earlier in June, when Celsius redeemed 428.000 stETH from Lido, they have re-staked 197.000 ETH via Figment,\u201d he added. Therefore, Celsius might be responsible for unstaking 86.7% of all ETH in the queue.<\/p>\n

Ethereum Price Crash Looming?<\/h2>\n

While some investors express concern that the release of such a large volume of tokens from staking could adversely impact Ethereum’s price, others maintain a more composed outlook, believing that the market is robust enough to absorb this additional volume.<\/p>\n

Related Reading: Solana Has Flipped Ethereum In Yet Another Metric In Its Bid To Reach $200<\/a><\/div>\n

Even in the unlikely event that all ETH from the queue is sold, liquidity appears to be strong enough to absorb such a process, which would be gradual rather than sudden. According to Coinmarketcap, the current ETH trading volume stands around $11.35 billion, suggesting that the market could withstand the potential sale of Celsius’ entire ETH holdings without any major ETH price crash. Fear-mongering is therefore superfluous.<\/p>\n

After receiving approval for its settlement plan, Celsius has allowed eligible users<\/a> to withdraw 72.5% of their cryptocurrency holdings, with this option available until February 28. A court document filed in the previous September revealed that approximately 58,300 users possess a total of $210 million in assets, which the court has classified as “custody assets.”<\/p>\n

At press time, ETH traded at $2,250. The 1-week chart for ETH\/USD indicates that, over the past five weeks, the price of Ethereum has formed a consolidation range. The chart defines this zone with a lower boundary at $2,125, indicated by the red area, and an upper boundary at the 0.382 Fibonacci retracement level, located at $2,441.<\/p>\n

\"Ethereum
ETH price establishes consolidation zone, 1-day chart | Source: ETHUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Celsius Network, the bankrupt cryptocurrency lending company, is gearing up to unstake approximately $465 million worth of Ethereum (ETH) as part of its efforts to compensate creditors. This development follows the company’s bankruptcy filing in July 2022, leaving creditors in a prolonged 18-month wait for financial recompense. Celsius’s decision to unstake a substantial amount of ETH is seen as a necessary step to ensure liquidity for creditor compensation. The company’s official announcement, made via X (formerly Twitter), highlights the strategic nature of this move: \u201cIn preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity. Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,\u201d the announcement reads. Celsius Responsible For Over 86% Of ETH In Exit Queue? Blockchain analytics firm Nansen states that Celsius possesses approximately one third of the total Ether in the unstaking exit queue, totaling around 206,300 ETH.\u00a0This figure translates to a market value of around $465 million. To date, Celsius has already withdrawn over 40,249 ETH. Related Reading: Ethereum Price Tops At 100 SMA, Why ETH Could Struggle In Near Term Tom Wan, an on-chain data analyst at 21.co (parent company of 21Shares), elaborated on the situation, \u201cOver 540k staked ETH (16,670 Validators) are currently withdrawing from the Ethereum Beacon chain. To fully exit and withdraw now, it will require 14.5 days.\u201d The researcher added that 352,000 ETH (54.7%) waiting to be withdrawn belongs to Figment and 206,000 ETH (32%) belongs to Celsius. \u201cIt is also likely that the withdrawal by Figment belongs to Celsius. Earlier in June, when Celsius redeemed 428.000 stETH from Lido, they have re-staked 197.000 ETH via Figment,\u201d he added. Therefore, Celsius might be responsible for unstaking 86.7% of all ETH in the queue. Ethereum Price Crash Looming? While some investors express concern that the release of such a large volume of tokens from staking could adversely impact Ethereum’s price, others maintain a more composed outlook, believing that the market is robust enough to absorb this additional volume. Related Reading: Solana Has Flipped Ethereum In Yet Another Metric In Its Bid To Reach $200 Even in the unlikely event that all ETH from the queue is sold, liquidity appears to be strong enough to absorb such a process, which would be gradual rather than sudden. According to Coinmarketcap, the current ETH trading volume stands around $11.35 billion, suggesting that the market could withstand the potential sale of Celsius’ entire ETH holdings without any major ETH price crash. Fear-mongering is therefore superfluous. After receiving approval for its settlement plan, Celsius has allowed eligible users to withdraw 72.5% of their cryptocurrency holdings, with this option available until February 28. A court document filed in the previous September revealed that approximately 58,300 users possess a total of $210 million in assets, which the court has classified as “custody assets.” At press time, ETH traded at $2,250. The 1-week chart for ETH\/USD indicates that, over the past five weeks, the price of Ethereum has formed a consolidation range. The chart defines this zone with a lower boundary at $2,125, indicated by the red area, and an upper boundary at the 0.382 Fibonacci retracement level, located at $2,441. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":568275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[83722,8323,16163,4854,1946,6931,90832],"class_list":["post-568269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-celsius","tag-eth","tag-eth-price","tag-ether","tag-ethereum","tag-ethereum-price","tag-ethereum-price-crash"],"acf":[],"yoast_head":"\nEthereum Price Crash Looming? 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Price Crash Looming? 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