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.
Stay in the know on crypto by frequently visiting Crypto News Today
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.
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.”
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.
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
