Celsius To Unstake Thousands Of Ether
Crypto lender Celsius, restructuring in bankruptcy proceedings, is set to unstake its holdings of Ether (ETH), potentially boosting the token’s value in the coming weeks.
Celsius, which is converting to become a bitcoin miner, has previously included staking in its activities. The firm plans to unstake existing ETH holdings to offset costs incurred during the restructuring process.
The significant unstaking activity in the coming days will unlock ETH for timely distributions to creditors. Analysis tool Arkham shows that crypto wallets linked to Celsius have staked over $151 million worth of ether, likely earning over 4%-5% in annualized yields.
While the staking rewards may not cause significant ether sales, they may have contributed to negative sentiment for the token, alongside other factors like interest in other blockchains.
Celsius sent over 30,000 ETH to custodian Fireblocks in the past week, some of which was deposited at crypto exchange Coinbase.
(With inputs from Shikha Singh)
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