tl;dr
The smartmoney on-chain platform, Lookonchain, has reported large ETH withdrawals from top exchanges and notable deposits by Celsius. The platform detailed significant withdrawals by crypto whales, totaling over $64 million, and pointed out Celsius's continued practice of depositing ETH to centraliz...
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Summary: The smartmoney on-chain platform, Lookonchain, has reported large ETH withdrawals from top exchanges and notable deposits by Celsius. The platform detailed significant withdrawals by crypto whales, totaling over $64 million, and pointed out Celsius's continued practice of depositing ETH to centralized exchanges. As a result of these transactions, Ethereum experienced a 6.5% loss in value in less than 24 hours, marking significant volatility in the cryptocurrency market.
Lookonchain, the smartmoney on-chain platform, has reported significant ETH transfers involving crypto whales and the embattled crypto lender Celsius. According to Lookonchain, Celsius appears to have continued with the recent practice of making significant deposits to centralized exchanges. The platform posted details of large ETH withdrawals from some top exchanges in the last 24 hours. It reported that a whale withdrew 7,779 ETH, equivalent to $18.7 million. The analytics platform also reported that six freshly created wallets withdrew 7,756 ETH worth $18.7 million from Binance and Kraken. Nearly 24 hours after reporting the various withdrawals, Lookonchain spotted some notable transfers emerging from a wallet owned by Celsius. The analytics platform’s report showed that the crypto lender deposited 13,000 ETH, equivalent to $30.34 million on Coinbase. It also deposited 2,200 ETH worth $5.13 million to FalconX. Following these active transactions, ETH’s price displayed significant volatility, registering its biggest daily loss since the launch of spot Bitcoin ETFs in the United States earlier this month. The price dropped from $2,464 to $2,301, marking a 6.5% loss, according to data from TradingView.
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