KEY POINTS
- Ethereum showed impressive price action this week, reaching as high as $2,300
- Celsius deposited 7,500 ETH, worth around $17.4 million, in digital assets brokerage FalconX on Thursday
- ETH was trading in the red zone at $2,269.91 in the early hours of Friday
Bankrupt cryptocurrency platforms Celsius Network and FTX moved millions of dollars in Ether to various centralized exchanges on Thursday, raising fears among holders of a potential dump in the market that could pull the price of the crypto asset.
Ethereum, the world's second-largest crypto asset by market capitalization, showed impressive price action this week, surging to $2,300 at the start of the week and trading in the $2,200 price level early Friday.
Investors wonder if the latest moves by Celsius and FTX would impact Ether's performance before the week closes.
Data from on-chain web analytics Spot On Chain showed that Celsius deposited 7,500 ETH, worth around $17.4 million, in digital assets brokerage FalconX on Thursday. The development comes a week after the crypto lender transferred 25,000 ETH, approximately worth $57 million, to FalconX and Coinbase.
Sam Bankman-Fried's FTX also made a substantial transfer of Ether this week, moving 1,593 ETH, worth around $3.66 million, to the crypto wallet address 0xCeF, which currently holds 2,244 ETH, equivalent to around $5.16 million.
The latest movements of ETH stashes by Celsius and FTX underscore the strategic reactions of both crypto businesses to the positive movement of the market.
Earlier this month, FTX and its sister company, Alameda Research, were engaged in a significant transfer of crypto assets, worth around $22 million, which included IMX, GMT, ETH, UNI, SHIB, BAL, LOOKS and WOO. They moved $10 million to Binance, Coinbase and Wintermute using eight crypto assets – $2.58 million in StepN's GMT, $2.41 million in Uniswap's UNI, $2.25 million in Synapse's SYN, $1.64 million in Klaytn's KLAY, $1.18 million in Fantom's FTM, $644,000 in Shiba Inu's SHIB, apart from small amounts of Arbitrum's ARB and Optimism's OP.
Since October, the crypto businesses founded by Bankman-Fried have made several notable transactions, reaching a value of $551 million across 59 different crypto assets.
Ethereum, like Bitcoin, has seen a significant surge in its value over the past weeks. It was trading in the red zone at $2,269.91 as of 4:16 a.m. ET on Friday, with a 24-hour trading volume up by 14.8% at $12,971,906,218.
Ether's price action represents a 0.53% dip in the past 24 hours and a 3.9% loss in the last seven days.
Data from CoinMarketCap shows that Ether's currency circulating supply stands at 120,206,616 ETH, with its value continuously dipping by 0.45% at a $272,983,069,956 market cap.
