Ethereum Bloodbath Incoming? Celsius' $125 Million Move Threatens ETH Price

The Ethereum price might be doing well post-spot Bitcoin ETF launch, but recent moves by Celsius threaten to destabilize the price movement. The now-bankrupt crypto lender seems to have begun its reimbursement plan to its creditors, as on-chain data reveal the movement of its ETH holdings to crypto exchanges.

Timeline of Celsius, Ethereum

Steven Nerayoff, a former advisor to Ethereum, who is currently preparing a lawsuit against Ethereum founders Vitalik Buterin and Joseph Lubin, has disclosed a pivotal decision from his past. In a detailed statement on X (formerly Twitter), Nerayoff claims that he had turned down an allocation of over 1 million Ether (ETH).

The Securities and Exchange Commission is predicted to delay the approval of spot Ethereum (CRYPTO: ETH) exchange-traded funds (ETFs), according to investment bank TD Cowen. What Happened: TD Cowen, as reported by The Block on Thursday, anticipates that the SEC will not greenlight Ethereum ETFs before the May approval deadline.

Rocket pool- Blockchain for ETH staking Rocket Pool is a decentralized staking protocol providing liquid and node staking products for the Ethereum (ETH) ecosystem. Stakers- are individuals or users from API-integrated businesses.

Prominent analytics firm IntoTheBlock says that traders are operating under the assumption that Ethereum (ETH) will be the next crypto asset to get a spot market exchange-traded fund (ETF).

Celsius, a well-known cryptocurrency lending platform, has recently transferred $125 million worth of Ethereum (ETH) to major exchanges. This move follows the company's declaration of bankruptcy last week, highlighting a significant shift in its strategy towards liquidating assets.

Ethereum, the world's second-largest cryptocurrency, has recently experienced a remarkable surge in value, outshining Bitcoin with a 14% price increase in just two weeks. This surge has taken Ethereum above a crucial psychological barrier, surpassing $2,600 for the first time since May 2022.

In a recent report by TD Cowen, a prominent American multinational investment bank, it has been projected that the U.S. Securities and Exchange Commission (SEC) will unlikely approve an Ethereum Exchange-Traded Fund (ETF) anytime soon.

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), says the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) this week doesn't impact the potential greenlighting of other crypto financial products.

The journey toward approving an Ethereum ETF stands on shaky ground when compared to the recent launch of Bitcoin ETF. While the BTC ETF launch took nearly a debate and a few lawsuits, SEC Chair Gary Gensler never called Bitcoin anything other than a commodity.

A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a Solana-based memecoin. The analyst pseudonymously known as Bluntz tells his 236,100 followers on the X social media platform that the dogwifhat (WIF) memecoin could potentially appreciate by approximately 359% from the current level.