Celsius Sets New Standard: $1 Billion in ETH as Deposits Show No Signs of Slowing Down

Celsius, a popular lending platform, has made significant moves in Ethereum (ETH) as they hold close to $1 billion of the cryptocurrency. According For blockchain intelligence company Arkham Intel, Celsius has seen more than $600 million in ETH staked over the past 24 hours, showing no signs of slowing down. This represents massive on-chain inflows, and the rate of deposits continues to rise.

Celsius Goes All-In on ETH

When Lido (LDO) withdrew more than 400,000 ETH worth $800 million in mid-May, the Celcius address was the largest withdrawer. He held this ETH in an ‘unstaking’ wallet for two weeks, announcing his intention to stake with institutional provider Figment instead.

About 24 hours ago, Celsius separated the ETH from the unstaking wallet into two separate deposit wallets. One wallet is marked as Celsius’s ETH2 deposit wallet, while the other wallet is labeled “Staked ETH” and Figment as Deposit. Celsius’ staking wallets have seen over $400 million worth of ETH flow in over the past 24 hours, with deposits continuing to occur every few minutes.

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 seeking to participate in the Proof-of-Stake (PoS) network.

In addition, the infrastructure provider offers a variety 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 number of developer tools, APIs, and analytics to help users better understand and manage their staking activities.

In addition, a wallet provided by Figment to Celsius has seen over $215 million worth of ETH. In total, Celsius has accumulated over $600 million worth of ETH, with about $150 million worth of ETH still in Celsius staking wallets, and about $60 million worth of ETH left in wallets they use to unstake Lido. Used to take

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

The move to stake such a large amount of ETH is a testament to the growing trend of betting in the crypto market. As more and more investors are 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, the staking sector can be expected to see even more growth in the coming months and years.

Ethereum Market Poised for Major Move

On the other hand, crypto analyst Jackys recently shared insight On the current state of the Ethereum market, stating that things are likely to get exciting very soon. Despite the market being stable over the past few weeks, Jackis believes that Ethereum may be ready for a big move.

According to Jackys, Ethereum has broken out of its downtrend and successfully recovered breakout demand. If the cryptocurrency manages to flip the $1,887 resistance level, nothing could stop it from reclaiming the yearly high at $2030.

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

At the time of writing, Ethereum, the second largest cryptocurrency by market cap, is trading at $1,905, representing a 2% increase over the past 24 hours. It remains to be seen whether Ethereum can consolidate above this key level to overcome the psychological barrier of $2,000 and continue its upward trend.

Featured image from Unsplash, chart from TradingView.com