- Celsius moved $1 billion worth of ETH.
- The approval of ETH ETF was postponed, but the price of ETH remains unaffected.
The now defunct crypto lending platform Celsius has made significant transfers of Ethereum [ETH] to centralized exchanges in recent days. The latest transaction involved a substantial 459,561 ETH, valued at approximately $1 billion at the time of writing.
Celsius transferred 459,561 $ETH($1.014 billion) Spent 9 hours ago.
297,454 $ETH($656.5 million) → #CoinbasePrime
146,507 $ETH ($323.3 million) → #PaxosTreasury
7,800 $ETH($17.2 million) → #FalconX
7,800 $ETH($17.2 million) → #Coinbase.And #Celsius still has 62,468 $ETH($139 million) left.https://t.co/O71a2LfeKg pic.twitter.com/adcxQA3POn
— Lookonchain (@lookonchain) January 26, 2024
Major ETH moves
The reason for the ETH transactions remained unclear.
However, according to a previous report, Celsius had initiated a process to recall and rebalance its assets, part of which included taking back its ETH holdings. This was to meet the troubled crypto lender’s obligations under the bankruptcy proceedings.
Nevertheless, the recent transactions boosted creditors’ expectations that Celsius will start repaying them soon.
At the same time, there is a possibility that these trades will further increase selling pressure on ETH, causing its price to drop.
At the time of writing, ETH was trading at $2,221.23 and its price was up 0.44% over the past 24 hours.
Source: Santiment
ETF uncertainty
Apart from the Celsius transfers, another factor that could influence the price of ETH could be the expectation surrounding the ETH ETF and its adoption.
Recently, the US SEC postponed its decision on Grayscale Investments’ application to convert its Ethereum trust product (ETHE) into an exchange-traded fund (ETF).
Similarly, the SEC also postponed BlackRock’s application for a similar investment vehicle.
The delay in the approval of Ethereum ETFs could cause sentiment around ETH to decline and could have a negative impact on the price of ETH.
However, the progress of developments in Ethereum could help counter the FUD caused by these events.
Is your portfolio green? Check out the ETH profit calculator
During a recent development call, developers gathered to discuss future plans for Ethereum.
The upcoming Dencun upgrade will play a crucial role in shaping the narrative around Ethereum going forward and could push the price of ETH in a positive direction.
Quick updates from ACDC #126:
– Developers agreed to prioritize EIP 6110 (on-chain delivery validator deposits), EIP 7002 (triggerable outputs at the execution layer), and EIP 7549 (move commission index beyond attestation) in Electra.
– They also agreed to EIP 6914 (reuse validator…— Christine Kim (@christine_dkim) January 25, 2024