Celsius Takes Action on Ethereum Staking
In recent developments, the beleaguered crypto lender Celsius has embarked on a swift maneuver, transferring a whopping 428,015 stETH (Lido staked Ether) to its designated Ethereum wallet. This transaction, which took place on May 15, represented a staggering value of approximately $781 million. Crypto enthusiasts are raising eyebrows as many speculate this shift may be in preparation for upcoming withdrawals.
Withdrawal Test and Implications
Shortly after the major transfer, Celsius performed what appears to be a test withdrawal of just 0.1 stETH. This may sound like pocket change, but as any seasoned trader knows, every little bit counts. Especially in a game like crypto where small moves can create ripples in the water of larger transactions.
What Does This Mean for Celsius?
Simon Dixon, a Bitcoin pioneer and notable Celsius creditor, suggests that this transfer could indicate Celsius is looking to stake directly without needing Lido as an intermediary. It’s almost like deciding to eat at home instead of grabbing takeout—definitely more economical. Additionally, he pointed out that this may serve as collateral for Celsius’s restructuring plans. After all, in crypto, you can’t predict the storm without checking the weather—or the blockchain, in this case!
The Bigger Picture: The Lido Influence
On the same day, Lido’s latest protocol upgrade allowed Ethereum withdrawals for the first time, featuring major updates that could impact stakers significantly. With Lido holding around 29% of all staked Ether at 6.27 million ETH, valued at approximately $11.3 billion, it remains a force in the crypto ecosystem.
More Moves and More Questions
Arkham Intelligence highlighted another intriguing transaction where Celsius shifted 40,928 ETH to a smart contract labeled “Figment ETH2 Beacon Depositor 1.” This transaction was finalized on May 12 as part of a broader strategy possibly linked to the Ethereum Beacon Chain deposit contract. Meanwhile, Nansen reported that there is already a backlog of 54,046 ETH in the withdrawal queue, but this does not include the hefty Celsius stash.
