Celsius Network transfers substantial Ethereum amounts to exchanges like Coinbase and FalconX, totaling over $35 million.The bitcoin company liquidated over $125 million in Ethereum to meet creditor demands, while maintaining a significant reserve of over 557,000 ETH.Celsius’s Ethereum transactions contribute to a 4% drop in Ethereum’s value, raising concerns about market stability.Celsius Network, amidst its ongoing bankruptcy proceedings, has been actively transferring substantial amounts of Ethereum to various exchanges. This strategy is seen as a significant part of the cryptocurrency lending platform’s efforts to navigate its financial challenges.LookonChain, an on-chain analytics platform, reported that within the past 10 hours, Celsius deposited 13,000 ETH, valued at $30.34 million, into Coinbase and moved an additional 2,200 ETH, amounting to $5.13 million, to FalconX. These transactions have garnered attention in the digital currency community for their magnitude and strategic timing.Meanwhile, Arkham Intelligence reported that from January 8 to January 12, Celsius liquidated over $125 million in Ethereum. This activity aims to fulfill creditor demands and meet financial obligations amidst the bankruptcy. Additionally, Dune Analytics observed a significant increase in Ethereum redemptions, totaling over $1.6 billion, marking the highest level since last year’s Shanghai update.Read full article at CryptoTale.

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