Data provider Spot On Chain reports that bankrupt crypto exchange FTX and crypto credit company Celsius Network have transferred millions of dollars worth of Ethereum (ETH) in the past 24 hours. This movement indicates strong selling pressure for the Altcoin king and alarms investors.
According to data collected by Spot On Chain, Galaxy Digital, Celsius Network, and FTX have transferred $45.2 million worth of cryptocurrency, equivalent to 19,822 ETH, to Binance and Coinbase exchanges in the last 24 hours. Just two hours ago, Galaxy Digital transferred 9,179 ETH ($20.9 million) to Binance, leaving the company with 10,038 ETH worth $22.8 million in their wallet.
Spot On Chain also suggests that approximately 15 hours ago, Celsius Network transferred 7,500 ETH ($17.05 million) to a wallet address starting with 0xc45, and this ETH could soon be moved to Coinbase. Furthermore, data shows that since November 14, a total of 44,769 ETH worth $94.7 million has been withdrawn from this wallet address.
The new management of FTX, which caused a shock in the crypto world with its bankruptcy in November 2022, continues asset sales. Approximately 18 hours ago, the appointed management team transferred 3,143 ETH ($7.21 million) to Coinbase to manage the bankruptcy process. According to the data, a total of 28,427 ETH worth $54.3 million has been withdrawn from the FTX wallet address since October 24.
According to data provided by crypto data and price platform CoinMarketCap, ETH has gained 3.55% in the past 24 hours, trading at $2,276. The Altcoin king briefly surpassed $2,300 during the day but couldn’t hold that level and fell to $2,240. The trading volume of Ethereum has increased by over 18% in the past 24 hours, reaching $16.19 billion.