Celsius, a popular lending platform, has made great strides in accumulating Ethereum (ETH) as it hoards close to $1 billion in the cryptocurrency. according For Blockchain intelligence firm Arkham Intel, in the past 24 hours alone, Celsius has staked over $600 million worth of ETH, with no signs of slowing down. This is a huge on-chain influx, and the deposit rate continues to increase.
Celsius enters all into ETH
Celsiu headlined the largest withdrawal when Lido (LDO) opened withdrawals in mid-May, withdrawing more than 400,000 ETH worth $800 million. They have been holding this ETH in an “unstaking” wallet for two weeks, announcing their intention to share with institutional provider Figment instead.
About 24 hours ago, Celsius separated ETH from the volatile wallet into two separate deposit wallets. One wallet is tagged Celsius’s ETH2 deposit wallet, while the other is tagged “Staked ETH” and deposited in Figment. Celsius Staking Wallet has seen over $400 million in ETH inflows over the past 24 hours, with continuous deposits every few minutes.
Figment is a staking and infrastructure company for blockchain networks, including Ethereum. The company provides institutional bonding infrastructure and tools to investors and companies looking to participate in Proof of Stake (PoS) networks.
Moreover, the infrastructure provider offers a range of staking services, including delegated staking, which allows investors to delegate their tokens to a validation node to generate rewards without having to run their own node. The company also provides a suite of developer tools, APIs, and analytics to help users better understand and manage storage activities.
Morevoer, the wallet that Figment introduced to Celsius, has seen more than $215 million in ETH. In all, Celsius deposited over $600 million in ETH, with the Celsius Staking wallet holding over $150 million in ETH, and about $60 million in ETH remaining in the wallet they used to mine from Lido.
This means that Celsius still has a large amount of ETH that they can share with another provider or use for other purposes. It also highlights the confidence Celsius has in Figment’s staking services, as they have entrusted them with a significant amount of their ETH holdings.
Celsius’s move to buy such a large amount of ETH is evidence of the rising risk trend in the cryptocurrency market. With more investors looking for ways to earn passive income from their holdings, staking is becoming an increasingly popular option. With more companies like Celsius entering the market, we can expect to see more growth in the staking sector in the coming months and years.
The Ethereum market is preparing for a major move
On the other hand, cryptoanalyst Jackis got involved recently ideas On the current state of the Ethereum market, pointing out that there is potential for things to get exciting very soon. Despite the continued stagnation of the market over the past few weeks, Jackis believes that Ethereum could be preparing for a major move.
According to Jackis, Ethereum has exited its downtrend and successfully retested the hack order. If the cryptocurrency can turn the $1,887 resistance, there will be no stopping it from retesting the yearly range high at $2030.
If Ethereum can reach and surpass this level, it is likely to continue higher, possibly reaching new yearly highs later.
At the time of writing, Ethereum, the second largest cryptocurrency by market cap, was trading at $1,905, which is a 2% increase in the past 24 hours. It is not yet clear if Ethereum can consolidate above this key level to breach the psychological barrier of $2,000 and continue its bullish trend.
Featured image from Unsplash, chart from TradingView.com