According to Twitter account Spot On Chain, which tracks the movements of major crypto holders, Celsius Network deposited 25.75 million MATIC (approximately $21.26 million) on centralized exchanges (CEX) in the last 8 hours at an average price of $0.826. 22.73 million MATIC was deposited on Binance, the world’s largest crypto exchange by transaction volume. Celsius Network also transferred 3.02 million MATIC (approximately $2.47 million) to Crypto.com, another popular crypto platform. The move comes as the price of Polygon’s native token, MATIC, a scaling solution for Ethereum, fell more than 10% in the same period. Meanwhile, the ETH foundation also sold.
Celsius Network sold MATIC: Price dropped
Celsius Network is one of the largest holders of MATIC, with over 34.09 million MATIC (approximately $27.56 million) currently outstanding. In addition to offering up to 13.99% annual return (APY) on MATIC deposits, Celsius Network also offers the option of borrowing at low interest rates in exchange for MATIC collateral. Celsius Network claims to have more than 1.1 million users and more than $20 billion in assets under management.
Sale came from ETH Foundation
Meanwhile, the Ethereum Foundation appears to have sold some of its ETH holdings via over-the-counter (OTC) transactions. Spot On Chain reported that the “Grant Provider: 0x9ee” wallet, owned by the Ethereum Foundation, moved 100 ETH (approximately $253,000) to address 0xd77 and then received back 253,000 DAI (a stablecoin pegged to the US dollar) in about 20 minutes reported. Later. The transaction shows the Ethereum Foundation exchanging ETH for DAI for $2,530 per ETH, slightly below the market price at the time.
The Ethereum Foundation is a major funder of Ethereum-related projects such as research, development, education and community building. The Foundation receives donations in various cryptocurrencies, primarily ETH, and uses them to support the Ethereum ecosystem. The foundation also keeps a large amount of ETH in its wallets, which it can use to hedge against market fluctuations or sell for operational expenses. According to Spot On Chain, the Ethereum Foundation still has 312,000 ETH (about $794 million) in its wallets.
The crypto market has been experiencing high volatility and uncertainty in recent weeks as regulatory pressures, environmental concerns and technical issues have affected the sentiment and performance of many cryptocurrencies. Both Celsius Network and Ethereum Foundation have made strategic moves to adapt to changing market conditions and pursue their long-term goals.
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