September 30, 2023

Bankrupt crypto lender Celsius has restarted Ethereum (ETH), according to data shared by Arkham Intelligence.

– Advertisement –

arkham informed of During the past week the bankrupt lender staked 30,800 ETH – $56.9 million – via staking solutions provider Figment. Tom Wan, a research analyst at 21Co, veneered Arkham Report.

According to Wan, Celsius deposited over 40,000 ETH through Figment between May 10 and May 12.

– Advertisement –

The reason behind this deposition is currently unknown, considering Celsius Has taken back Share of ETH staked on it in April. At the time, industry players interpreted this as a move that the bankrupt firm was consolidating its assets.

Celsius is one of the largest firms with an ETH portfolio. According to Arkham Intelligence dashboardThe lender holds 410,378 staked ETH worth $749.37 million.

Meanwhile, the Celsius transaction isn’t entirely surprising, given that many institutions that have withdrawn their ETH have begun to reinvest them. Liquid staking derivatives protocol Lido has led the charts in ETH withdrawals and deposits over the past few weeks, according to Nansen’s dashboard.

Total ETH staking deposits above withdrawals.

According to Etherscan, the total number of ETH staked has reached a new all-time high of 21.62 million – worth $39.5 billion – as staking deposits exceed withdrawals. Figures.

Since withdrawals were enabled on April 12, the total number of ETH withdrawals stood at 2.67 million, while ETH deposits stood at 3.46 million. This means it has a net balance of 785,000 ETH according to token unlock statistics,

ETH Deposit and Withdrawal
Source: Token Unlocked

Nansen’s figures confirm the above. according to this dashboardSeveral crypto entities such as Kraken and other centralized exchanges led the initial wave of withdrawals in compliance with the regulatory pressure they faced from US financial regulators.

See also  Philanthropic FTX Foundation Sunsets Operations Amid Bankrupt Exchange’s Fallout

Although withdrawals from these entities began to decline, liquid staking protocols such as Frax Ether and Rocket Pool have seen double-digit increases in the total value of assets locked on their platforms within the past month, according to dfilama. statistics,