Following the latest FOMC Meeting, Ethereum, the second-largest cryptocurrency, experienced a downturn in Thursday’s trading session amid market volatility.
The price of ETH plummeted by 3% intraday, breaching the crucial $2300 support level. Despite the challenging market conditions, Ethereum continues to advance its core changes, notably with the upcoming 2024 hard fork, Dencun.
Network activity remains robust, with Ethereum witnessing 101K new addresses daily and 484K unique addresses interacting, marking a 28% increase in activity compared to three months ago.
Ethereum Notable Movements On Exchanges, Particularly Celsius
On-chain data reveals significant movements in Ethereum holdings, particularly with Celsius depositing 67,500 ETH ($156.5M) to Coinbase Prime in the last two days. Celsius has transferred a total of 847,626 ETH (~$1.90B) to centralized exchanges since November 13, 2023, possibly involving OTC deals with whales.
In the last 2 days, #Celsius further deposited 67,500 $ETH ($156.5M) to #Coinbase Prime.
Overall, Celsius has moved 847,626 $ETH (~$1.90B) to CEX since Nov 13, 2023. Some of these $ETH might have been absorbed by whales via an OTC deal.
Just now, Celsius announced that the… https://t.co/LmwHCJYJis pic.twitter.com/s94laTdbZp
— Spot On Chain (@spotonchain) February 1, 2024
Furthermore, Celsius has initiated the distribution of over $3 billion in crypto and fiat to creditors, as part of a confirmed reorganization plan. Additionally, a new Bitcoin mining company, Ionic Digital, Inc., funded by miners and owned by Celsius creditors, has been established with mining operations managed by Enterprise Hut 8.
In parallel, Grayscale made significant transfers, sending 311 BTC and 5863 ETH to Flow Trader, amounting to $26.37 million. As of now, Flow Trader has not made any transactions or sales with these funds.
15 分钟前，灰度向 Flow Trader 转移 311 枚 $BTC 和 5863 枚 $ETH ，总价值 2,637 万美金
目前 Flow Trader 暂未转移 / 卖出这笔资金 https://t.co/9SC3LK6eaM pic.twitter.com/WPkhCoHFip
— Ai 姨 (@ai_9684xtpa) February 1, 2024
The cryptocurrency market continues to navigate through turbulent waters, with Ethereum facing challenges amid broader market uncertainties. As developments unfold, investors and stakeholders remain vigilant, closely monitoring market dynamics and on-chain activities for potential insights and opportunities.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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