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Institutions Lead Significant Shift of Ethereum (ETH) Supply to Exchanges

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Key Points

  • Alameda Research and Celsius Network are among  organizations parking Ethereum (ETH) on Coinbase, expanding the Ethereum supply.
  • Following court approval, Celsius Network has deposited 47,100 ETH worth $107.7 million on Coinbase in the last two weeks.
  • Since October 2023, FTX and Alameda Research have deposited 39,120 Ethereum to cryptocurrency exchanges, totaling more over $79.5 million.

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Organizations like Celsius Network and Alameda Research are transferring their Ethereum (ETH) to Coinbase. In the meantime, centralized exchanges’ supply of ETH has been speculating on a bull trajectory.

In the recent bull run, Ethereum has underperformed when measured against Bitcoin or Solana. Meanwhile, the ETH surge may be further hampered by the rising supply on centralized exchanges.

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Institutions Deposit Ethereum on Centralized Exchanges

Spotonchain claims that Celsius Network deposited $10,000 worth of Ethereum to Coinbase, totaling $23.56 million. A Celsius Network address, 0x4131, delivered 10,000 ETH in two batches of 5,000 ETH each to the Coinbase deposit account, per screenshot below.

CryptoCaster Quick Check:

As of this writing, this particular Celsius Network address is still holding 10.2 ETH, or more than $24,000. The address is associated with cryptocurrency holdings valued at $1.632 million. In addition, Spotonchain has designated more than eighteen addresses as “Celsius Network.”

A Celsius Network Wallet Portfolio and Latest Transactions. Source: Spotonchain

Celsius Network addresses have made 47,100 ETH deposits totaling $107.7 million on Coinbase during the last two weeks.

Celsius obtained legal permission to exchange altcoins for Bitcoin and Ethereum in June 2023. The corporation plans to use centralized exchanges like Coinbase to disburse Ethereum and Bitcoin to its debtors.

Therefore, it must be made clear whether Celsius intends to sell the ETH or give it to the creditors.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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