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Celsius Moves $24M ETH to Coinbase: Rebound Sign?

Celsius Moves $24M ETH to Coinbase: Rebound Sign?

8,091 Ethereum coins worth about $24.5 million were sent to Coinbase by Celsius Network. 

This transaction is Celsius’s highest Ethereum deposit to Coinbase during the previous three months. 

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Celsius Network transported 847,626 ETH, or almost $1.90 billion, between November 2023 and January 2024. 

Celsius Network sent 8,091 Ethereum tokens to Coinbase, completing a significant financial transaction. This trade, which involved Ethereum tokens valued at $24.5 million, took place for $3,022 each. It is the most considerable deposit the Bitcoin lending platform has made to the exchange in the previous three months. Celsius Network’s larger plan aims to actively manage its assets at a crucial stage of recovery, including this action. 

Previous transactions highlight how active the platform is as well. Celsius transferred an astounding 847,626 ETH, or over $1.90 billion, to different centralized exchanges between November 13, 2023, and January 31, 2024. They were predominantly for over-the-counter (OTC) transactions, a tactic frequently employed to reduce market impact during peak sales. 

Major Post-Bankruptcy Strategy Announced by Celsius 

Celsius Network is attempting to stabilize its financial situation following a turbulent time. The business intended to begin paying its debtors $3 billion in conventional money and cryptocurrency in February. After its bankruptcy proceedings concluded, this development was a significant turning point. Celsius unveiled Ionic Digital, a new business endeavor focusing on Bitcoin mining, as part of their bankruptcy exit strategy. While operating independently, this organization will back Celsius’s resolve to pay creditors’ claims. 

The company’s plan to improve and rebuild its financial stability took a significant turn with the launch of Ionic Digital. Celsius wants to demonstrate its commitment to meeting its responsibilities by concentrating on Bitcoin mining to generate a steady stream of income that will support creditor recovery activities. 

Persistent Rebound and Market Effect 

Celsius Network’s recent move of Ethereum to Coinbase is seen as a component of its continuous efforts to pay off its debts and get out of bankruptcy. With the establishment of Ionic Digital and the payback of a sizable amount of its obligations, Celsius Network seems to be headed toward stability and financial recovery. Its proactive approach to using and maintaining its Bitcoin assets shows its well-thought-out strategy to rebuild operational momentum and trust. 

In the 24 hours following the transaction, Ethereum’s price fell by 2.61% on the market, with a current trading price of $2,966. Ethereum’s trade volume also experienced a significant decrease, falling by 28.63% to $15.84 billion. The substantial transactions and calculated actions of major players such as Celsius Network have shaped the cryptocurrency markets’ overall volatility and investor attitude, which are reflected in these market dynamics.

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