Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»ETH price plummets due to $35 million selling
ETHEREUM NEWS

ETH price plummets due to $35 million selling

By Crypto FlexsJanuary 23, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
ETH price plummets due to  million selling
Share
Facebook Twitter LinkedIn Pinterest Email

Celsius Networks, which is currently undergoing bankruptcy proceedings, has participated in a significant Ethereum transaction that has had ramifications in the digital currency landscape.

Over the past 10 hours, LookonChain’s on-chain analysts have detected notable transfers, including a 13,000 ETH deposit ($30 million) to Coinbase and an additional 2,200 ETH ($5 million) to FalconX. These deals signal Chelsea’s proactive stance in resolving their ongoing financial problems.

Celsius sells $125 million of ETH and maintains $1.3 billion in reserves.

According to Arkham Intelligence, Celsius sold $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The main goal of this auction is to repay creditors.

Dune Analytics also revealed broader redemption patterns, with over $1.6 billion of staked Ethereum being redeemed during the same period. The redemption volume recorded since the Shanghai update last year is the highest ever.

that much #Celsius Deposit 13K into your wallet $ETH($30.34M) ~ #Coinbase and 2,200 $ETH(USD 5.13 million) ~ #FalconX Again in the last 10 hours.

There are currently two staking wallets. #Celsius Still holds 557,081 $ETH($1.3 billion).

Address: https://t.co/3gGOucC9gYhttps://t.co/zodN4gzVHKhttps://t.co/Jjt9fCN2Ej pic.twitter.com/E9DIZ9KDAH

— Lookonchain (@lookonchain) January 23, 2024

Despite the financial constraints imposed by the courts, Chelsea still holds a significant amount of Ethereum reserves. These holdings amount to over 557,000 coins across two staking wallets, with a total value of approximately $1.3 billion. The size of these reserves adds complexity to Celesius’ current financial situation and highlights the evolving story within the cryptocurrency space.

Source: LookOnChain

As part of its obligations to its creditors, Chelsea has been actively liquidating its Ethereum holdings. These auctions, aimed at repaying outstanding debts, are integral to Chelsea’s insolvency proceedings.

Source: LookOnChain

The market reacted to these Ethereum transactions, with the price of ETH falling 4%. The cryptocurrency fell below the $2,350 mark, sparking concern among analysts, especially as ETH teetered below a critical demand zone between $2,380 and $2,461.

Analysts predict that if this level is not maintained, there is a possibility of a decline towards the $2,000 level.

Ethereum currently trading at $2,307.2 on the daily chart: TradingView.com

Wealthy Investors Trigger Ethereum Profit Taking

Historical data from Santiment shows that significant transactions by wealthy investors, commonly known as whales, often trigger profit-taking activity among regular ETH holders. This phenomenon intensifies selling pressure and influences prices to fall.

Meanwhile, the decline in funding rates hints at underlying optimism in the market, suggesting a cooling in previously overheated perpetual markets is possible. This situation leaves room for ETH to rebound once selling pressure subsides.

As the Celsius bankruptcy drama unfolds, the scrutiny of Ethereum trading and resulting market dynamics will continue. Investors and observers are closely monitoring the situation and eagerly awaiting further developments and the wider implications for both Chelsea and the cryptocurrency ecosystem.

Featured image from Shutterstock

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Next chapter of ecosystem support program

August 31, 2025

Kindly, MD’s $ 5B Bitcoin Play comes as DATS raises fear of wider Altcoin fluidity.

August 27, 2025
Add A Comment

Comments are closed.

Recent Posts

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025
Most Popular

Bitget Wallet secures global first place in swap trading, surpassing Metamask

March 30, 2024

Bitcoin gifts and spot ETF traders when BTC finds the floor

February 27, 2025

AixuSpeed Reports $500K In Token Commitments Within First 72 Hours Of Pre-Sale

June 9, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.