ETH Deposits Reach $1 Billion Mark with No Sign of Slowing Down

Celsius, a popular lending platform, has recently made headlines in staking Ethereum (ETH) by staking almost $1 billion worth of the cryptocurrency. According to the Blockchain intelligence company Arkham Intel, Celsius has staked over $600 million worth of ETH in the past 24 hours alone. Celsius’s address was the largest withdrawer when Lido (LDO) opened withdrawals in mid-May, withdrawing over 400,000 ETH, worth $800 million, which they held in the “Unstaking” wallet for two weeks. Celsius then separated the ETH from the unstaking wallet into two separate deposit wallets: one marked as Celsius’s ETH2 Deposit wallet, and the other labelled Staked ETH, which deposits to Figment.

Figment is a staking and infrastructure provider for blockchain networks, including Ethereum. 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 – as well as a range of developer tools, APIs, and analytics to help users better understand and manage their staking activities. Celsius has now 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.

The move by Celsius to stake such a large amount of ETH indicates the growing trend of staking in the crypto market. As more investors look for ways to earn passive income on their holdings, staking is becoming an increasingly popular option. This trend has spurred companies like Celsius to enter the market, with significant growth anticipated in the staking sector in the coming months and years.

In other news, crypto analyst Jackis 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 successfully retested the breakout demand. If the cryptocurrency manages to flip the $1,887 resistance level, there could be nothing stopping it from retesting the yearly range high at $2030.

At the time of writing, Ethereum is trading at $1,905, representing a 2% surge in the last 24 hours. It remains to be seen if Ethereum can consolidate above this key level to breach the psychological barrier of $2,000 and continue its upward trend.

This news was first seen here: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing on 2023-06-02 18:00:43

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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