$1 Billion In ETH Staked As Deposits Show No Sign Of Slowing

On Jun 2, 2023

Celsius, a popular lending platform, has made significant moves in staking Ethereum (ETH) as they stake almost $1 billion worth of the cryptocurrency. According to the Blockchain intelligence company Arkham Intel, In the past 24 hours alone, Celsius has staked over $600 million worth of ETH, with no signs of slowing down. This represents a massive on-chain flow, and the rate of deposits continues to increase.

Celsius Goes All-In On ETH

Celsiu’s address was the largest withdrawer when Lido (LDO) opened withdrawals in mid-May, withdrawing over 400,000 ETH, worth $800 million. They held this ETH in the ‘Unstaking’ wallet for two weeks, declaring their intent to stake with institutional provider Figment instead.

Around 24 hours ago, Celsius separated the ETH from the unstaking wallet into two separate deposit wallets. One wallet is marked Celsius’s ETH2 Deposit wallet, while the other wallet is labelled “Staked ETH” and deposits to Figment. Celsius’s staking wallet has seen over $400 million worth of ETH inflows over the past 24 hours, with continual deposits made every few minutes.

Celsius’ transactions over the last 24 hours. Source: Arkham Intel on Twitter.

Figment is a staking and infrastructure provider for blockchain networks, including Ethereum. The company provides institutional-grade staking infrastructure and tools for investors and companies looking to participate in the proof-of-stake (PoS) networks.

Furthermore, the infrastructure provider offers a range of staking services, including delegated staking, which allows investors to delegate their tokens to a validator node to generate rewards without having to run their own node. The company also provides a range of developer tools, APIs, and analytics to help users better understand and manage their staking activities.

Morevoer, the wallet provided to Celsius by Figment has seen over $215 million worth of ETH. In total, Celsius has deposited over $600 million worth of ETH, with the Celsius Staking wallet still holding over $150 million worth of ETH, and around $60 million worth of ETH left in the wallet they used to unstake from Lido.

This means that Celsius still has a significant amount of ETH that they can potentially stake with another provider or use for other purposes. It also highlights the confidence that Celsius has in the staking services provided by Figment, as they have entrusted them with a large amount of their ETH holdings.

Celsius’s move to stake such a large amount of ETH is a testament to the growing trend of staking in the crypto market. With more investors looking for ways to earn passive income on their holdings, staking is becoming an increasingly popular option. As more companies like Celsius enter the market, it can be expected to see even more growth in the staking sector in the coming months and years.

Ethereum Market Poised For Major Move

On the other hand, crypto analyst Jackis has recently shared insights on the current state of the Ethereum market, stating that there is potential for things to get exciting very soon. Despite the market remaining stagnant over the past few weeks, Jackis believes that Ethereum could be gearing up for a major move.

According to Jackis, Ethereum has broken out of its downtrend and has successfully retested the breakout demand. If the cryptocurrency manages to flip the $1,887 resistance level, then there could be nothing stopping it from retesting the yearly range high at $2030.

If Ethereum manages to reach and surpass this level, it could potentially continue to climb higher, possibly even reaching new yearly highs later down the line.

At the time of writing, Ethereum, the second-largest cryptocurrency by market capitalization, is trading at $1,905, which represents a 2% surge in the last 24 hours. It is yet to be seen if Ethereum can consolidate above this key level to breach the psychological barrier of $2,000 and continue its upward trend.