According to data platform SpotOnChain, two major cryptocurrency exchanges, Celsius and FTX, transferred $59.06 million worth of crypto assets to a centralized exchange (CEX) in the last few hours. This sudden change has sparked speculation within the crypto community regarding potential impacts on market trends and motivations behind transfers. ETH coin and various other cryptos attracted attention in these transactions. Here are the details…
Celsius traded for ETH coin
Celsius, a popular lending platform, sent 22,500 Ethereum (ETH) tokens, worth $50.78 million at the time, to Coinbase, one of the largest CEXs. This transfer significantly reduced Celsius’ ETH holdings, leaving him with approximately 39,969 ETH worth $90.9 million. Meanwhile, FTX and its sister company Alameda Research, known as FTX/Alameda, made $8.28 million worth of exits from six different assets, including ETH, OKB, MTL, PROM, YFII and CREAM. While this amount may seem small compared to Celsius’s, it is part of a larger trend that has brought its total outflows since October 24, 2023 to $707 million across 91 different tokens.
As for the reasons behind these large transfers, various possibilities are being discussed within the crypto community. Over the past weeks, Celsius Network has transferred over $125 million worth of Ethereum to various exchanges. Approximately $95.5 million of ETH was sent to Coinbase and $29.73 million to FalconX. Despite these transfers, Celsius retains a significant reserve of 539,000 ETH, equivalent to $1.40 billion. Arkham Intelligence’s on-chain data reveals that the lending platform holds additional assets in its wallet, including 9,799 BTC worth $420.46 million.
Why are transfers made to stock exchanges?
Meanwhile, two companies in Sam Bankman-Fried’s failed crypto empire – FTX and Alameda Research – have also resumed funneling funds to centralized exchanges. Last week, these organizations transferred $28.2 million in crypto assets, including 402.6 Bitcoin, 3,200 Ethereum, 602,000 Pendles and 9.03 million People. Like Celsius, FTX and Alameda hold approximately $1.2 billion in EVM assets. Still, observers have suggested that these asset moves could signal impending sales by these firms as part of their commitment to make affected customers whole.
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