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Celsius Network sells over $1 billion worth of ETH to CEXs

Celsius Network has reportedly sold a large amount of its ETH holdings to various centralized exchanges (CEXs) in the past few days.

According to Spot on chain, a Twitter account that tracks on-chain data, the Celsius address sent 459,561 ETH (worth $1.02 billion) to multiple CEXs for suspected selling in the past 8 hours. The majority of the ETH was sent to Coinbase Prime (305,254 ETH or $674 million) and Paxos (146,507 ETH or $324 million), while a smaller amount was sent to FalconX (7,800 ETH or $17.02 million).

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

The reason behind the massive sell-off is unclear, but Spot on chain speculated that it could be related to an over-the-counter (OTC) deal. The account noticed that 12 fresh wallets have withdrawn 296,835 ETH ($660 million) from Coinbase shortly after Celsius deposited ETH to the CEX, accounting for ~97.2% of the total deposited amount.

Celsius Network has not officially commented on the matter, nor has it disclosed its current ETH balance. The platform claims to have over 1.1 million users and manages over $23 billion in crypto assets. It offers users up to 17% annual interest on their crypto deposits, as well as loans and rewards.

The news of Celsius Network’s ETH sell-off comes amid a bearish trend in the crypto market, with ETH dropping below $2,200 for the first time since July 2021. Some analysts have attributed the decline to the uncertainty surrounding the upcoming Ethereum 2.0 upgrade, which aims to transition the network from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism.

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