Celsius is making some moves as part of strategic preparations for potential future asset allocations. In this regard, Celsius announced that it plans to dispose of its Ethereum assets. According to analytics platform Lookonchain, Celsius transferred 10,000 ETH ($22.4 million) to Coinbase. Meanwhile, Ethereum has taken a hit in its blockchain activity over the past month. However, according to experts, it may be time to return to ETH.
Celsius is piling Ethereum into Coinbase!
cryptokoin.comAs you follow from , Celsius Network filed for bankruptcy in 2022. The crypto lending platform recently shared plans to distribute some of its Ethereum (ETH) holdings. Celsius Network anticipates significant unstaking activity in the coming days. He strategically designed this process to unlock ETH and ensure timely distribution to creditors.
Celsius Network reiterated its commitment to eligible creditors, guaranteeing in-kind distributions as set forth in the approved plan. These distributions include assets such as Bitcoin (BTC) and Ethereum (ETH). On-chain analytics platform Lookonchain reported that Celsius Network transferred 10,000 ETH (equivalent to $22.4 million) to Coinbase. This transfer comes amid ongoing financial difficulties for Celsius.
According to data from Lookonchain, Celsius Network has removed a significant amount of ETH from staking wallets in recent months. Specifically, approximately 184,000 ETH (approximately $413 million) were withdrawn from Celsius-affiliated staking pools and sent to major crypto trading platforms such as Coinbase, FalconX, and OKX. These transfers have occurred regularly since November 13. As of the last update, Celsius still controls two major staking wallets containing approximately 634,000 ETH. This pile currently amounts to $1.42 billion.
Ethereum rotation begins
Ethereum’s recent lackluster price action has been dubbed the ‘death of ETH’ by many due to the rapid rise of its rivals Solana and Avalanche. However, crypto analyst ‘Metaquant’ says the fourth quarter layer-1 rotation is similar to that in 2021. The analyst notes that ETH is flowing out of centralized exchanges. It also notes that activity on the network has been slowly increasing compared to past weeks. In this context, Metaquant began to explain with the following introduction:
Q4 saw an L1 rotation similar to 2021, but now it’s time to play the king’s hand. SOL and AVAX are now slowing down after weeks of rising.
According to the analyst, the next run will likely be on Ethereum and its ecosystem. Additionally, activity on Ethereum and its layer-2 networks has been steadily increasing for months. According to L2beat, the total value locked in the L2 ecosystem reached an all-time high of $21 billion on January 4. “Note how there is no bull run without an on-chain ETH season,” the analyst said. So it’s only a matter of time before that starts happening.” says.
ETH price view
Ethereum price is hovering around $2,264 at the time of writing. But the asset fell 8% from its weekly high of $2,434 on Dec. 2 as markets cooled. When we look at the picture from afar, ETH has been consolidating at current levels for the last month. In addition, analysts are evaluating potential price peaks for ETH this year. Some think it could easily reach $10,000. That’s only double its peak of $4,800.
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