Search Inside Bitcoins

Celsius To Unstake $470 Million Ethereum To Reimburse Creditors In Move That May Boost The ETH Price

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.


Join Our Telegram channel to stay up to date on breaking news coverage

Troubled crypto lender Celsius will unstake its existing Ethereum holdings ahead of a planned asset distribution to creditors that may be a boost for struggling ETH.

The lending firm, which gained court approval to switch to a Bitcoin miner, said the existing Ether holdings “have provided valuable staking rewards income to the estate.”

The lender said it used staking rewards to meet the costs incurred during the reorganization plan. It plans to use the unlocked Ether “to ensure timely distributions to creditors.”

Data from Nansen shows that Celsius currently accounts for over a third of all Ether awaiting withdrawal.

An X post by PeckShield shows Celsius moved more than 10,000 ETH, valued at $23.5 million, to Coinbase and FalconX in the last 24 hours.

Impact on Ether Price

Some analysts believe the unstaking event will ease selling pressure on Ether and set the token up for long-term gains.

Ether has underperformed competitors recently. Its price has remained flat over the past month, while rival Solana has gained 56%.

Also Read

Smog (SMOG) - Meme Coin With Rewards


Smog token
  • Airdrop Season One Live Now
  • Earn XP To Qualify For A Share Of $1 Million
  • Featured On Cointelegraph
  • Staking Rewards - 42% APY
  • 10% OTC Discount -
Smog token

Join Our Telegram channel to stay up to date on breaking news coverage

Read next