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ETH Market Reacts on Massive Celsius Transactions

Key Takeaways
  • Celsius is actively transferring Ethereum holdings during bankruptcy, executing significant transactions on exchanges as part of its recovery efforts.
  • Celsius's substantial Ethereum holdings spark market speculation. Some experts see stability, while whale interest remains high, raising questions about potential market impact.
  • Ethereum sees a decline in gas usage but maintains NFT trading resilience. The contrasting trends prompt discussions on network dynamics.
24-Jan-2024 By: Sudeep Saxena
ETH Market Reacts on

Celsius ETH Holdings Signal Market Confidence

Recent data insights from on-chain analytics provider LookonChain have revealed significant transactions within the Celsius wallet in the past 10 hours. Notably, a deposit of 13,000 #Ethereum ($ETH) worth $30.34 million was executed on Coinbase, along with another transaction involving the deposit of 2,200 ETH, totaling $5.13 million, to FalconX.

It's important to note that Celsius Networks, a cryptocurrency lending platform, is currently undergoing bankruptcy proceedings. As part of its active efforts in the recovery process during these proceedings, the platform has been strategically transferring a substantial portion of its Ethereum holdings to various exchanges. This involves unstaking ETH and relocating it to exchanges as part of the platform's overall recovery strategy.

Celsius' Holdings, Whale Interest, and Rising Short Positions

The substantial amount of #Ethereum ($ETH) held by Celsius has sparked discussions about its potential influence on market sentiment. Speculations abound that sudden moves by Celsius could trigger Fear, Uncertainty, and Doubt (FUD) surrounding ETH.

Contrary to concerns, some experts argue that Celsius' significant ETH holdings might actually be a positive development. The absence of clear incentives for these addresses to liquidate their holdings suggests stability and confidence in the market.

Despite Celsius depositing ETH to exchanges, the concentration of ETH held by whales has remained high. This sustained interest from large investors could act as a catalyst, positively impacting Ethereum Price Prediction. Vitalik Buterin has also shared their Ethereum strategic moves for this year.

Gas Usage Decline and NFT Resilience

A notable observation in the state of the Ethereum network reveals a significant drop in gas usage. This decline in gas consumption implies an overall reduction in network activity, raising questions about the factors influencing this downturn.

Contrary to the general decrease in network activity, the Ethereum blockchain witnessed a sustained uptick in Non-Fungible Token (NFT) trades. This resilience in NFT transactions hints at the potential for renewed interest and vitality within the Ethereum ecosystem. As per Coin Gabbar, this Ethereum news can substantially benefit users in making investment decisions.

Ethereum Price Prediction

As we know, the SEC has recently approved Bitcoin ETF and for now, people are very curious to know whether the Ethereum ETF will get approved or not. If it is approved, then Ethereum Price Prediction 2025 is expected to be around $4,000, and Ethereum Price Prediction 2030 could reach up to $8,000.

Also Read: Navigating Digital Assets for Security and Innovation

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