FTX and Celsius Transfer Large Amounts of Ethereum to Exchanges. Could ETH Price Drop?

ftx celsius ethereum
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In a recent report, it was revealed that Celsius Network and FTX carried out significant transfers of Ethereum (ETH) from their holdings to centralized exchanges.

According to data from the on-chain tracker Spotonchain, both Celsius and FTX deposited substantial amounts of Ethereum into other cryptocurrency exchanges. Spotonchain shared these movements on X (formerly Twitter), pointing out that these transfers took place when the price of Ethereum once again surpassed $2,300.

The crypto lending platform, Celsius Network, made a substantial transaction of around 7,500 ETH to the FalconX exchange about eight hours ago. At that time, the value of Ethereum was approximately $17 million. This action follows Celsius’s massive deposit of 25,000 ETH, valued at $57 million, to Coinbase and FalconX about a week ago.

How the Transactions Affected Ethereum

On the other hand, the troubled exchange, FTX, executed a significant transaction of about 1,593 ETH, valued at $3.66 million at the time of the operation. Data indicates that FTX transferred this amount to an address identified as 0xCeF, about 55 minutes before the post. The wallet address currently holds around 2,244 ETH, valued at $5.16 million, and Spotonchain suggests that this could be a potential transfer to Coinbase.

ethereum ftx celsius

These movements demonstrate how major companies adjust their strategies and positions in response to market volatility. Investors and the community closely monitor these movements for possible insights into future changes and market patterns.

Additionally, in a previous report, it was reported about an Ethereum whale that allegedly holds around 10,000 ETH valued at over $23 million and was making significant sales of the token. This whale transferred 3,700 ETH, valued at $8.72 million, to the Binance platform, according to data from Lookonchain. Another whale transaction involved the sale of approximately 6,099 ETH for $12 million. These massive sales could influence the stability and balance of the Ethereum market, depending on how they develop in the future.

According to the most recent data published by CoinMarketCap, Ethereum (ETH) is currently trading at $2,265 per unit after a slight drop of 1.46% in the last 24 hours. It’s worth noting that it has had a negative week, losing 4.26% of its value in a few days, as on December 9, it briefly reached $2,400. Its current market capitalization is $272 billion, and the trading volume in the last 24 hours was just over $12 billion.


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