Celsius, a popular lending platform, has made significant strides in Ethereum (ETH) stakes as they stake nearly $1 billion in cryptocurrency. According to to Blockchain intelligence firm Arkham Intel, in the past 24 hours alone, Celsius has staked over $600 million worth of ETH, with no signs of slowing down. This represents a huge on-chain flow and the deposit rate continues to increase.
Celsius goes all in on ETH
Celsiu’s address was the largest taker when Lido (LDO) opened withdrawals in mid-May, withdrawing more than 400,000 ETH, worth $800 million. They held this ETH in the ‘Unstaking’ wallet for two weeks and instead declared their intention to strike with the institutional provider Figment.
About 24 hours ago, Celsius separated the ETH from the unstaking wallet into two separate deposit wallets. One wallet is marked as Celsius’s ETH2 Deposit Wallet, while the other wallet is labeled as “Staked ETH” and deposits to Figment. Celsius’s staking wallet has seen more than $400 million in ETH inflows in the past 24 hours, with continued deposits every few minutes.
Figment is a staking and infrastructure provider for blockchain networks, including Ethereum. The company provides institutional-grade staking infrastructure and tools for investors and companies seeking to participate in its proof-of-stake (PoS) networks.
In addition, the infrastructure provider offers a range of staking services, including delegated staking, which allows investors to delegate their tokens to a validation node to generate rewards without having to run their own node. The company also offers a range of developer tools, APIs and analytics to help users better understand and manage their stakeout activities.
In addition, the wallet provided to Celsius by Figment has seen more than $215 million in ETH. In total, Celsius has deposited over $600 million in ETH, with the Celsius Staking wallet still holding over $150 million in ETH, and about $60 million in ETH in the wallet that they used to unload from Lido.
This means that Celsius still has a significant amount of ETH that they could potentially stake with another provider or use for other purposes. It also highlights the trust Celsius has in Figment’s staking services, as they have entrusted them with a large portion of their ETH holdings.
Celsius’ move to stake such a large amount of ETH is a testament to the growing trend of staking in the crypto market. With more investors looking for ways to earn passive income from their investments, staking is becoming an increasingly popular option. As more companies like Celsius enter the market, the staking industry can be expected to grow even more in the coming months and years.
Ethereum market ready for big move
On the other hand, crypto analyst Jackis recently shared insights about the current state of the Ethereum market, stating that it is possible that things could get exciting very soon. Despite the market stagnating in recent weeks, Jackis believes Ethereum is gearing up for a big move.
According to Jackis, Ethereum has broken out of its downtrend and successfully retested the breakout question. If the cryptocurrency manages to reverse the $1,887 resistance level, nothing can stop it from retesting the annual high range at $2030.
If Ethereum manages to reach and surpass this level, it could potentially continue to climb higher and possibly even hit new yearly highs later.
At the time of writing, Ethereum, the second largest cryptocurrency by market capitalization, is trading at $1,905, representing a 2% increase over the past 24 hours. It remains to be seen if Ethereum can consolidate above this key level to break the $2,000 psychological barrier and continue its uptrend.
Featured image of Unsplash, chart from TradingView.com
