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HomeNewsMajor Ethereum Transfers to Top Exchanges: FTX, Galaxy Digital, & Celsius Shift...

Major Ethereum Transfers to Top Exchanges: FTX, Galaxy Digital, & Celsius Shift $45 Million ETH

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  • FTX, Galaxy Digital, and Celsius Network have collectively moved 19,822 ETH, worth approximately $45.2 million, to centralized exchanges Binance and Coinbase.
  • These movements, observed by Spot on Chain, raise questions about their impact on Ethereum’s price and the broader cryptocurrency market.

In-Depth Analysis of the Ethereum Transfers

The cryptocurrency sphere experienced a significant event on December 6, with a remarkable transfer of Ethereum (ETH) to leading centralized exchanges (CEXs). According to data from Spot on Chain, a blockchain analytics platform, three distinct digital asset institutions were responsible for moving a substantial amount of ETH to the exchanges Binance and Coinbase.

Galaxy Digital’s Significant Contribution

Galaxy Digital, a prominent player in the digital asset sector, initiated the first notable transaction by moving 9,179 ETH, valued at $20.9 million, to Binance. This transaction represented a significant portion of their current ETH holdings, which amount to 10,038 ETH, worth approximately $22.8 million.

Celsius Network’s Strategic Move

Celsius Network, known for its financial services in the crypto domain, conducted the second major transaction. The firm deposited 7,500 ETH into Coinbase, amounting to $17.05 million. This transfer is part of a broader strategy, as Celsius Network’s total ETH outflow since November 14 has reached 44,769 ETH.

FTX’s Involvement in the Ethereum Market

Adding to these significant transfers, a third transaction involved FTX moving 3,143 ETH to Coinbase, equivalent to $7.21 million. This move is part of FTX’s larger strategy, with their total ETH outflow since October 24 amounting to a substantial $54.3 million.

Ethereum’s Market Response

Despite these large-scale transfers, Ethereum’s price has demonstrated resilience. At the time of writing, ETH has seen a 2.24% increase over the past 24 hours, reaching $2,259.48. Additionally, the token has experienced a 10.07% surge over the past week, bolstered by a 19.22% increase in the past thirty days.

These movements present a contrasting picture to the general expectation that such large-scale transfers to CEXs could lead to an increase in the circulating supply of ETH, potentially affecting its price negatively. However, Ethereum‘s market performance continues to defy these expectations, maintaining a steady upward trajectory amid these significant institutional activities.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628
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