Data provider Spot On Chain reports that the new management of bankrupt cryptocurrency exchange FTX and the also bankrupt crypto lending company Celsius Network have transferred tens of millions of dollars’ worth of Ethereum (ETH) to cryptocurrency exchanges in the last 24 hours. This movement, which indicates strong selling pressure for the Altcoin king, has alarmed investors.
45.2 Million Dollars’ Worth of ETH Moved in the Last 24 Hours
According to data compiled by Spot On Chain, Galaxy Digital, Celsius Network, and FTX have moved 45.2 million dollars worth of 19,822 ETH to Binance and Coinbase exchanges in the last 24 hours.
The data shows that about 2 hours ago, Galaxy Digital transferred 9,179 ETH (worth 20.9 million dollars), with an average purchase price of 2,278 dollars each, to Binance. After this transfer, the company’s wallet retained 10,038 ETH valued at 22.8 million dollars.
Spot On Chain reports that about 15 hours ago, Celsius Network transferred 7,500 ETH (worth 17.05 million dollars), with an average purchase price of 2,273 dollars, to a wallet address starting with 0xc45… The data provider suggests that Celsius Network is likely to move the mentioned ETH to Coinbase soon. Furthermore, the data reveals that since November 14, there has been an outflow of 44,769 ETH worth 94.7 million dollars from the wallet address.
The new management of FTX, which shook the crypto world with its bankruptcy in November 2022, continues to liquidate held assets. Approximately 18 hours ago, the management, appointed to manage the bankruptcy process of the cryptocurrency exchange, moved 3,143 ETH (worth 7.21 million dollars) with an average purchase price of 2,294 dollars to Coinbase. The data indicates that there has been an outflow of 28,427 ETH valued at 54.3 million dollars from FTX’s wallet address since October 24.
The Latest on ETH Price
According to data provided by the crypto data and price platform CoinMarketCap, ETH has seen a 3.55% increase over the last 24 hours, trading at 2,276 dollars. The Altcoin king initially rose above 2,300 dollars earlier in the day but failed to hold above that level, retreating to 2,240 dollars.
The trading volume of Ethereum, the largest smart contract platform’s native asset, has seen an increase of over 18% in the last 24 hours, reaching a level of 16.19 billion dollars.
