In recent events, reports have emerged showing that bankrupt cryptocurrency firms Celsius Network and FTX have transferred significant amounts of altcoin Ethereum (ETH) from their assets to centralized exchanges. These large-scale transactions, revealed by on-chain tracker Spotonchain, shed light on the evolving strategies of major cryptocurrency companies in response to recent market volatility.
Celsius and FTX move leading altcoin ETH
According to Spotonchain, both Celsius and FTX have made significant Ethereum transfers to other crypto exchanges. The on-chain tracker recently shared details of two large ETH transactions that coincided with Ethereum’s price surpassing $2,300. The cryptocurrency community received a notable update when Spotonchain announced a significant transfer of ETH from Celsius and FTX. These transfers come at a pivotal juncture, in line with Ethereum’s resurgence breaking the $2,300 threshold.
Ethereum has exhibited strong price movements recently, reaching $2,300 at the beginning of the week. However, as reported by CoinMarketCap, the token experienced a slight decline of over 3% last week. Spotonchain’s report highlights that Celsius Network transferred approximately 7,500 ETH worth $17 million to crypto exchange FalconX. Additionally, FTX surprised the crypto community by making a significant transaction of approximately 1,593 ETH worth $3.66 million. Celsius Network’s latest transfer to FalconX follows a series of strategic moves, including a significant deposit of 25,000 ETH worth $57 million to Coinbase and FalconX about a week ago.
What do these moves indicate?
As a result, FTX’s transfer of 1,593 ETH to the 0xCeF address led to speculation. Spotonchain suggests that this move could indicate a potential transfer to Coinbase, given the wallet’s current holdings of approximately 2,244 ETH, valued at $5.16 million. These significant Ethereum transfers from major cryptocurrency companies such as Celsius and FTX underscore the dynamic nature of the market. Investors and the community are following these strategic moves closely and trying to gain insight into future changes and market patterns. The cryptocurrency landscape continues to evolve as companies adjust their positions in response to ongoing market fluctuations.
ETH sale also came from the cryptocurrency whale
Last week, an Ethereum whale who allegedly owned approximately 10,000 ETH worth over $23 million was reported to have sold the token. Data obtained from another chain tracker, Lookonchain, revealed that the whale transferred 3,700 ETH worth $8.72 million to the Binance platform. The follower also highlighted another whale transaction where approximately 6,099 ETH was sold for $12 million. These whales’ selling frenzy may have two effects on cryptocurrency assets. The selling tactic could benefit the Ethereum market as a whole if it increases price stability and balance. Meanwhile, if it turns into distortion, it can push the price into wild fluctuations and undermine market stability.
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