Celsius-Linked Address Transfers 2,278 ETH to FalconX, Raising Eyebrows in the Crypto Market

An address believed to be associated with the recently bankrupt crypto lender Celsius Network has conducted notable Ethereum (ETH) transactions

An address linked to Celsius Network, a bankrupt crypto lender, has made two large ETH transactions to the digital asset trading platform FalconX.

The initial deposit, valued at around $3.41 million, was made six hours ago and involved the transfer of 1,279 ETH. This was followed by another deposit of 1,000 ETH, valued at $2.66 million.

The transactions were picked up by Arkham Intelligence, which also noted that the total amount of ETH received by the Celsius-linked address from Coinbase Prime over the past six months was 2,581.

The address is also linked to the exchange's custody service.

The transactions were flagged by Arkham as being part of a larger flow of assets, with the platform’s analysts suggesting that these trades might be linked to institutional activity.

The large ETH transactions come as the asset's price continues to fluctuate amid the broader crypto market downturn. At the time of writing, ETH is trading at $2,652.06, up 0.38% in the past 24 hours.

However, the asset is still down around 60% from its all-time high of $6,228.88, which was reached in April 2021.

Institutions Might Be Driving ETH Price Movements

According to CoinDesk data, the transactions were valued at $6.07 million at current prices. The first large ETH transaction, which occurred six hours ago, involved the transfer of 1,279 ETH to Celsius Network.

The second and third transfers, which took place three hours and two hours ago, respectively, were smaller in size and directed toward FalconX deposits. The amounts were 1,000 ETH and 302.7 ETH, respectively.

The transactions were flagged by Arkham Intelligence as part of a larger flow of assets, with the platform’s analysts suggesting that these trades might be linked to institutional activity.

The large ETH transactions come as the asset's price continues to fluctuate amid the broader crypto market downturn. At the time of writing, ETH is trading at $2,652.06, up 0.38% in the past 24 hours.

However, the asset is still down around 60% from its all-time high of $6,228.88, which was reached in April 2021.

The post Celsius Address Transfers 2,278 ETH to FalconX in Two Large Transactions appeared first on Coin Edition.

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