Celsius transfers over 1 billion dollars worth of Ethereum to CEX for sale

Celsius Network is believed to have transferred a substantial amount of ETH they held to various centralized exchanges (CEX) in the past few days.

According to Spot on chain, a Twitter account tracking on-chain data, Celsius’ address sent 459,561 ETH (valued at 1.02 billion USD) to various CEX, likely for selling, in the last 8 hours. The majority of ETH was sent to Coinbase Prime (305,254 ETH, valued at 674 million USD) and Paxos (146,507 ETH, valued at 324 million USD), with a smaller amount sent to FalconX (7,800 ETH, valued at 17.02 million USD).

Spot on chain also revealed that since November 13, 2023, Celsius has transferred a total of 757,626 ETH (approximately 1.69 billion USD) to CEX, including FalconX, Coinbase, OKX, and Paxos. Currently, Celsius still holds 62,469 ETH (138 million USD) at address 0xdb3.

The reason behind the large sell-off is not clear, but Spot on chain speculates that it may be related to an over-the-counter (OTC) transaction. Spot on chain observed that 12 new wallets withdrew 296,835 ETH (660 million USD) from Coinbase immediately after Celsius sent ETH to CEX, accounting for approximately 97.2% of the total amount deposited.

Celsius Network has not officially commented on the issue and has not disclosed its current ETH balance. The platform claims to have over 1.1 million users and manages over 23 billion USD in cryptocurrency assets. It offers users annual interest rates of up to 17% on their cryptocurrency deposits, as well as loans and rewards.

The news of Celsius’ ETH sell-off comes amid a cryptocurrency market downturn, with ETH dropping below 2,200 USD for the first time since July 2021. Some analysts attribute this decline to uncertainty surrounding the upcoming Ethereum 2.0 upgrade.

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