Ethereum

Celsius

Million

Arkham

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bankrupt-crypto-lender-celsius-moves-35-million-in-ethereum-amid-recovery-efforts">Bankrupt Crypto Lender Celsius Moves $35 Million in Ethereum Amid Recovery Efforts</a> 
Celsius Networks, a crypto lending firm undergoing bankruptcy, has initiated significant transactions involving large amounts of <a href="https://en.bitcoinhaber.net/ethereums-vitalik-buterin-proposes-a-scalability-solution">Ethereum</a> (ETH) as part of its recovery plans during ongoing bankruptcy proceedings. Recent data from Lookonchain reveals that $35 million worth of Ethereum was transferred to major exchanges from Celsius wallets, indicating a strategic move to liquidate ETH and strategically reallocate funds. 
In the past 10 hours, Celsius deposited $30 million worth of 13,000 ETH to Coinbase and $5 million worth of 2,200 ETH to FalconX. These transactions suggest a deliberate effort by Celsius to dispose of ETH assets during bankruptcy and strategically position its funds. 
Despite these transactions, two staking wallets associated with Celsius continue to hold a significant amount of Ethereum, totaling 557,081 ETH, valued at approximately $1.3 billion. This highlights the complex financial dynamics within Celsius and underscores the ongoing importance of Ethereum in the crypto space. 
Arkham Intelligence reported that between January 8 and January 12, Celsius liquidated $125 million worth of Ethereum as a strategic move aimed at repaying creditors and managing financial obligations. 
In response to Celsius’s recent actions, the price of Ethereum experienced significant selling pressure, dropping below the $2,350 level and witnessing a 4% decline. Market participants are concerned, especially if ETH fails to sustain key support levels, potentially leading to a retreat to the next significant support around $2,000. The correlation between significant wallet activities and profit-taking by owners suggests a delicate balance in market dynamics influenced by strategic moves of influential entities. 
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bankrupt-crypto-lender-celsius-moves-35-million-in-ethereum-amid-recovery-efforts">Bankrupt Crypto Lender Celsius Moves $35 Million in Ethereum Amid Recovery Efforts</a></h5>

Bankrupt Crypto Lender Celsius Moves $35 Million in Ethereum Amid Recovery Efforts

BH NEWS

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