• Celsius has begun transferring its ETH holdings to exchanges.
• CEL’s future Open Interest has continued to plunge.

Bankrupt cryptocurrency lender Celsius Network [CEL] has transferred over $125 million worth of Ethereum [ETH] to major exchanges within the past week, data from Arkham Intelligence revealed. 

Information retrieved from the data provider showed that Celsius has sent  $95.5 million worth of its ETH holdings to Coinbase, while $29.73 million worth of ETH has been transferred to FalconX.

At press time, Celsius’ remaining ETH holdings sat at roughly 539,000 tokens, valued at approximately $1.38 billion.

In an earlier report, the troubled crypto lender announced that it initiated a process of recalling and rebalancing its assets, part of which was unstaking its ETH holdings.

According to Celsius, this was to meet its liabilities under the bankruptcy proceedings.

Following this announcement, some analysts opined that flooding the markets with large volumes of ETH coins would put downward pressure on its value.

However, the hype around the recently approved Bitcoin Spot ETF forestalled this, as the altcoin market saw a significant rally in the just concluded week.

According to data from CoinMarketCap, ETH’s value has climbed by 13% in the last seven days. 

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Author: Abiodun Oladokun

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