Ethereum (ETH) is about witnessing a potential sell-off worth $1 billion. This significant transaction is rooted in actions by Celsius, a bankrupt crypto lender. Reports from on-chain analyst Lookonchain indicate that Celsius initiated the transfer of 459,561 ETH, estimated to be worth around $1.014 billion, to various exchanges. The breakdown of this large-scale distribution includes 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller sums totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase, respectively. Despite this transfer, Lookonchain disclosed that Celsius still maintains a reserve of 62,468 ETH, valued at roughly $139 million. Celsius transferred 459,561 $ETH($1.014B) out 9 hrs ago. 297,454 $ETH($656.5M) → #CoinbasePrime 146,507 $ETH ($323.3M) → #PaxosTreasury 7,800 $ETH($17.2M) → #FalconX 7,800 $ETH($17.2M) → #Coinbase. And #Celsius still has 62,468 $ETH($139M) left.https://t.co/O71a2LfeKg pic.twitter.com/adcxQA3POn — Lookonchain (@lookonchain) January 26, 2024 This significant transfer carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum’s price, with potential implications for broader market sentiment. Ethereum could see a significant plunge if the $1.014 billion worth of ETH is sold simultaneous ..
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