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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence
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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Celsius

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Celsius, a popular lending platform, has made significant moves in staking Ethereum (ETH) as they stake almost $1 billion worth of the cryptocurrency. According to the Blockchain intelligence company Arkham Intel, In the past 24 hours alone, Celsius has staked over $600 million worth of ETH, with no signs of slowing down. This represents a massive on-chain flow, and the rate of deposits continues to increase.

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Celsius Goes All-In On ETH

Celsiu’s address was the largest withdrawer when Lido (LDO) opened withdrawals in mid-May, withdrawing over 400,000 ETH, worth $800 million. They held this ETH in the ‘Unstaking’ wallet for two weeks, declaring their intent to stake with institutional provider Figment instead.

Around 24 hours ago, Celsius separated the ETH from the unstaking wallet into two separate deposit wallets. One wallet is marked Celsius’s ETH2 Deposit wallet, while the other wallet is labelled “Staked ETH” and deposits to Figment. Celsius’s staking wallet has seen over $400 million worth of ETH inflows over the past 24 hours, with continual deposits made every few minutes.

Celsius
Celsius’ transactions over the last 24 hours. Source: Arkham Intel on Twitter.

Figment is a staking and infrastructure provider for blockchain networks, including Ethereum. The company provides institutional-grade staking infrastructure and tools for investors and companies looking to participate in the proof-of-stake (PoS) networks.

Furthermore, the infrastructure provider offers a range of staking services, including delegated staking, which allows investors to delegate their tokens to a validator node to generate rewards without having to run their own node. The company also provides a range of developer tools, APIs, and analytics to help users better understand and manage their staking activities.

Morevoer, the wallet provided to Celsius by Figment has seen over $215 million worth of ETH. In total, Celsius has deposited over $600 million worth of ETH, with the Celsius Staking wallet still holding over $150 million worth of ETH, and around $60 million worth of ETH left in the wallet they used to unstake from Lido.

This means that Celsius still has a significant amount of ETH that they can potentially stake with another provider or use for other purposes. It also highlights the confidence that Celsius has in the staking services provided by Figment, as they have entrusted them with a large amount of their ETH holdings.

Celsius’s move to stake such a large amount of ETH is a testament to the growing trend of staking in the crypto market. With more investors looking for ways to earn passive income on their holdings, staking is becoming an increasingly popular option. As more companies like Celsius enter the market, it can be expected to see even more growth in the staking sector in the coming months and years.

Ethereum Market Poised For Major Move

On the other hand, crypto analyst Jackis has recently shared insights on the current state of the Ethereum market, stating that there is potential for things to get exciting very soon. Despite the market remaining stagnant over the past few weeks, Jackis believes that Ethereum could be gearing up for a major move.

According to Jackis, Ethereum has broken out of its downtrend and has successfully retested the breakout demand. If the cryptocurrency manages to flip the $1,887 resistance level, then there could be nothing stopping it from retesting the yearly range high at $2030.

If Ethereum manages to reach and surpass this level, it could potentially continue to climb higher, possibly even reaching new yearly highs later down the line.

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At the time of writing, Ethereum, the second-largest cryptocurrency by market capitalization, is trading at $1,905, which represents a 2% surge in the last 24 hours. It is yet to be seen if Ethereum can consolidate above this key level to breach the psychological barrier of $2,000 and continue its upward trend.

Celsius
ETH’s uptrend on the 1-day chart. Source: ETHUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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