Ethereum Slumps As Celsius Transfers 13K ETH to Coinbase and FalconX

Lookonchain, the smartmoney on-chain platform, has reported significant ETH transfers involving crypto whales and the embattled crypto lender Celsius. According to Lookonchain, Celsius appears to have continued with the recent practice of making significant deposits to centralized exchanges.

Whales are accumulating $ETH today, with a total of 26,841 $ETH($64.5M).

0x55C1 withdrew 7,779 $ETH($18.7M) from #Binance 2 hours ago.

0xDa17 and 0x278f (possibly the same person) withdrew 8,077 $ETH ($19.4M) from #Bitfinex.…

— Lookonchain (@lookonchain) January 22, 2024

The smartmoney on-chain platform posted details of large ETH withdrawals from some top exchanges in the last 24 hours. It reported that a whale withdrew 7,779 ETH, equivalent to $18.7 million. During the same period, another wallet suspected to be owned by the same whale withdrew 8,077 ETH, worth $19.4 million, from Bitfinex.

Another notable transfer spotted by Lookonchain included the withdrawal from Binance of 3,228 ETH, equivalent to $7.8 million, by another wallet. The analytics platform also reported that six freshly created wallets withdrew 7,756 ETH worth $18.7 million from Binance and Kraken.

Nearly 24 hours after reporting the various withdrawals, Lookonchain spotted some notable transfers emerging from a wallet owned by Celsius. The analytics platform’s report showed that the crypto lender deposited 13,000 ETH, equivalent to $30.34 million on Coinbase. It also deposited 2,200 ETH worth $5.13 million to FalconX. Both transfers are consistent with Celsius’ recent practice of transferring ETH and Bitcoin to centralized exchanges as part of its plan to begin repaying creditors.

Following these active transactions, ETH’s price displayed significant volatility, registering its biggest daily loss since the launch of spot Bitcoin ETFs in the United States earlier this month. The price dropped from $2,464 to $2,301, marking a 6.5% loss, according to data from TradingView.

ETHUSD Daily Chart on TradingView

The drop has pushed Ethereum down to retest the existing upward trendline, moving it into the horizontal range within which it traded for one month before the ETF approval. ETH traded for $2,345 at the time of writing, having recovered slightly from yesterday’s low.

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