Ethereum Influx: Celsius And FTX Deposit Millions To Exchanges

A recent report has revealed that bankrupt cryptocurrency company, Celsius Network and FTX  has transferred a sizeable amount of Ethereum (ETH) from their holdings to centralized exchanges.

Whale Ethereum (ETH) Transfers From Celsius And FTX

According to data from on-chain tracker Spotonchain, both Celsius and FTX have been depositing large quantities of Ethereum to other crypto exchanges. The tracker recently revealed two massive ETH transfers made by these bankrupt crypto firms.

Spotonchain took to X (formerly Twitter) to share these whale transactions with the entire cryptocurrency community. The on-chain tracker pointed out that these transactions were carried out when the price of Ethereum crossed the $2,300 mark again.

The crypto asset has been exhibiting strong price movement for a while now as ETH reached a high of $2,300 earlier this week. However, the token has since fallen by over 3% in the past week, according to CoinMarketCap.

The report shows that crypto lender Celsius Network made a significant transaction of about 7,500 ETH to crypto exchange FalconX about eight hours ago. As of the time of the transaction, the aforementioned Ethereum was valued at approximately $17 million.

This action follows Celsius’s deposit of a whopping 25,000 ETH, valued at $57 million, to Coinbase and FalconX earlier about a week ago.

Spotonchain also reported that bankrupt crypto exchange FTX executed a substantial transaction of about 1,593 ETH, valued at $3.66 million as of the time it was made. Data shows that FTX transferred the stated ETH to an address identified as 0xCeF, about 55 minutes before the post.

Furthermore, the wallet address currently holds around 2,244 ETH worth $5.16 million, which Spotonchain has highlighted as a possible transfer to Coinbase.

These significant Ethereum transfers highlight how major cryptocurrency companies are constantly adjusting their positions and strategies in response to market volatility. Investors and the community are closely monitoring these moves in order to gain possible insights into future changes and market patterns.

Sell Off From The Crypto Asset’s Whale

Last week, an Ethereum whale, who allegedly holds about 10,000 ETH worth over $23 million was reported to be selling the token. Data from another on-chain tracker Lookonchain revealed that the whale transfered 3,700 ETH valued at $8.72 million to the Binance platform. The tracker also highlighted another whale transaction which saw about 6,099 ETH being sold for $12 million.

The selling frenzy of these whales could have two effects on the cryptocurrency asset. The selling tactic may benefit the Ethereum market as a whole if it increases price stability and balance. Meanwhile, if it devolves into disruption, it could send the price into wild swings and undermine market stability.

Featured image from iStock, chart by Tradingview.com