Celsius moves $1B in Ethereum as ETFs get delayed – What next for ETH?

• Celsius moved $1 billion worth of ETH.
• ETH ETF approval got delayed, but price of ETH remain unaffected.

The now-inoperative crypto lending platform Celsius made significant transfers of Ethereum [ETH] to centralized exchanges over the last few days. The latest transaction involved a substantial 459,561 ETH, valued at around $1 billion at press time.

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

Big ETH moves

The reason for the ETH transactions remained unclear.

However, according to an earlier report, Celsius had initiated a process of recalling and rebalancing its assets, part of which was unstaking its ETH holdings. This was to meet the troubled crypto lender’s liabilities under the bankruptcy proceedings.

Nevertheless, the recent  transactions gave boost to creditor expectations that Celsius will start repaying them soon.

At the same time, there is a possibility that these transactions may add further selling pressure on ETH, causing its price to decline.

At press time, ETH was trading at $2,221.23 and its price had grown by 0.44% in the last 24 hours.

Source: Santiment

ETF uncertainty

Apart from the Celsius transfers, another factor that could influence ETH’s price could be the anticipation around the ETH ETF and its approval.

Recently,  the U.S. SEC delayed its decision on Grayscale Investments application to transform its Ethereum trust product (ETHE) into an exchange-traded fund (ETF).

Similarly, the SEC also postponed BlackRock’s application for a similar investment vehicle.

The delay in the approval of Ethereum ETFs could impact the sentiment around ETH to decline and could cause a negative impact on the price of ETH.

However, the progress of Ethereum’s developments could help in countering the FUD caused by these events.

Is your portfolio green? Check out the ETH Profit Calculator

In a recent development call, developers got together to discuss future plans for Ethereum.

The upcoming Dencun upgrade will play a pivotal role in shaping the narrative around Ethereum in the future and could nudge ETH’s price to move in a positive direction.

Quick updates from ACDC #126:
– Devs agreed to prioritize EIP 6110 (Supply validator deposits on chain), EIP 7002 (Execution layer triggerable exits), and EIP 7549 (Move committee index outside attestation) in Electra.
– They also agreed to remove EIP 6914 (Reuse validator…

— Christine Kim (@christine_dkim) January 25, 2024