Celsius Network and FTX Make Major Ethereum Moves Amidst Price Volatility

Ethereum (ETH) has experienced notable transaction activities from major players like Celsius Network and FTX in recent crypto market developments. Consequently, these movements offer insights into their current strategies amidst fluctuating Ethereum prices.

Celsius Network, a prominent crypto lending platform, has recently transferred 7,500 ETH, approximately $17.4 million, to FalconX. Moreover, this follows their earlier transfers totalling 25,000 ETH, worth around $57 million, to both FalconX and Coinbase within the past week. Significantly, these transactions align with Ethereum’s price rise past $2,300.

🚨 Both #FTX and #Celsius transferred out $ETH after the $ETH price crossed $2,300 again today!

1. #Celsius Network deposited 7,500 $ETH ($17.4M) to #FalconX ~ 8hrs ago.

– They deposited 25,000 $ETH ($57M) to FalconX and Coinbase in the past 7 days.

2. #FTX moved 1,593 $ETH… pic.twitter.com/vQXj3p5X3Y
— Spot On Chain (@spotonchain) December 15, 2023

The data, analysed by Spot On Chain, a known analytics platform, highlighted key inflow and outflow points. These are crucial for understanding the impact on the account’s value. For instance, the graph displays substantial outflows, including transfers of 6,000K, 4,000K, and 7,500K ETH. Additionally, the timeline from December 8 to 15 reveals these patterns hourly.

Interestingly, the graph’s “Purchase/Sell flow” sidebar indicates no purchases but confirms selling activity. Consequently, the total sell amount stands at 25,000K ETH, with a total value of approximately $56.982M. This suggests a strategic liquidation approach by Celsius Network to capitalise on the current market prices.

Besides Celsius, FTX, another major crypto entity, has also been active. They recently moved 1,593 ETH, valued at around $3.66 million, to an address labelled 0xCeF, as highlighted by Spot On Chain’s tweet. Moreover, this address now holds 2,244 ETH, totalling about $5.16 million. Hence, these funds might move to Coinbase.

Ethereum’s current price is $2,265.81, showing a slight 0.35% decrease over the last 24 hours. However, these transactions from key market players like Celsius and FTX are crucial indicators of their confidence and strategies in the current market climate. Additionally, their actions could hint at broader market trends and potential future movements in Ethereum’s value.

The recent Ethereum transactions by Celsius Network and FTX reflect a strategic response to the cryptocurrency’s price dynamics. These moves, significant in both volume and value, underscore the agility of major players in adapting to market conditions.