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- Celsius moved 459,561 Ether to multiple exchanges within the last 24 hours.
- Market participants voiced concern that Celsius could disrupt ETH’s relief rally.
- Since November, Celsius has moved over $1.6 billion in Ethereum tokens.
The price of Ethereum (ETH) may face substantial selling pressure as reports circulate that bankrupt crypto lender Celsius continuously transfers billion-dollar values of ETH to centralized exchanges for potential liquidation.
On-chain analytics provider Lookonchain and many online pundits have called attention to Celsius’ ETH transactions. Using data from Etherscan, Lookonchain found that Celsius has moved 459,561 Ethereum tokens to multiple exchanges within the last 24 hours. The transferred tokens wield a staggering market value of over $1.014 billion.
The most prominent beneficiary of the transferred ETH was Coinbase (NASDAQ:COIN) Prime, as Lookonchain suggested. The platform received 297,454 ETH, estimated at $656.5 million. Similarly, the Celsius crypto wallet moved Ethereum worth $323.3 million to stablecoin firm Paxos Treasury. Other recent transactions include $34.4 million ETH to moved to exchanges FalconX and Coinbase.
Celsius ETH transactions | Lookonchain
Reacting to the disclosure, the crypto influencer MartyParty voiced apprehension about Celsius’ activities. He expressed concern that Celsius could disrupt the relief rally gradually unfolding in the ETH market amid weeks of downturn.
At the time of reporting, ETH trades at $2,206.67, having lost over 10% since January 19. Through this period, the asset crashed from a peak of $2,467 to a low of $2,171, per CoinMarketCap statistics.
Meanwhile, this recent exposure was not Celsius’ first instance of moving large volumes of Ether to liquid centralized exchanges. Two days ago, Lookonchain revealed that the bankrupt crypto lender moved $40 million to Coinbase. The on-chain tracker estimated that Celsius had transferred $621 million to Coinbase since November 13.
Considering the $1.014 billion moved to four liquid platforms in the last 24 hours, the data suggested the bankrupt crypto lender transferred over $1.6 billion in Ethereum tokens in the last three months. Etherscan data suggests Celsius has about $138.95 million in ETH remaining in its wallet.
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