Celsius Network Moves Over $125 Million in Ethereum Ahead of Debts Payment

Celsius Network, a bankrupt cryptocurrency company, is working towards paying back its debts after receiving approval from a New York Court.  Celsius is preparing to give back about $2 billion in Bitcoin and Ethereum with the inclusion of shares from a crypto mining company, therefore they are focusing on accumulating enough money to cover this debt,

As reported by Arkham Intelligence, Celsius moved over $125 million in Ethereum to big cryptocurrency exchanges, with $95 million in ether going to Coinbase and $30 million in ether to FalconX. Currently, Celsius has about 539,000 Ethereum, worth $1.38 billion, and 9,799 Bitcoins worth about $417 million at the time of writing. This series of asset movements has caused some speculations with many people fearing that these would lead to a massive dump and drop in the price of ether 

FTX and its branch, Alameda Research, are also moving $28 million in cryptocurrencies to different exchanges. This has increased worries that there might be a big sale of cryptocurrencies. However, with the market doing well, big institutions might buy these cryptocurrencies, reducing the impact of such sales.

After a Bitcoin ETF (exchange-traded fund) was approved, BlackRock, a large investment firm, bought 11,500 Bitcoins in two days. This was a lot, considering the amount of new Bitcoin available. BlackRock's interest might lead to a shortage of Bitcoin supply if demand keeps growing. Also, BlackRock might create an ETF for Ethereum, which has increased interest in Ethereum, especially after BlackRock's CEO supported it.