Daily News | Celsius Sent Over 45K ETHs to Multiple CEXs; A ETH Whale Won $500K of Short Term Profits; Ethereum Denchun Upgrade Will Be Launched as Early as the End of February

2024-01-26, 03:29

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## Crypto Daily Digest: Celsius transferred over 45,000 ETHs, Denchun upgrade may be launched as early as the end of February
On the ninth trading day of the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs, there was a net outflow of $158 million. Among them, GBTC outflow was $429.3 million, IBIT (BlackRock) inflow was $66.2 million, and FBTC (Fidelity) inflow was $125.7 million. In addition, according to Lookonchain monitoring, on January 24th, Grayscale GBTC reduced its holdings of 13,179 BTCs (worth approximately $529.2 million). The remaining 8 Bitcoin ETFs increased their holdings by 8,251 BTCs (valued at approximately $331.3 million), of which Fidelity increased its holdings by 4,023 BTCs (valued at approximately $161.5 million).

On January 25th, official data from BlackRock showed that as of January 24, 2024, its spot Bitcoin ETF IBIT held 45,668.08260 BTC, with a market value of approximately $1,833,605,029.01, an increase of approximately 1,663 BTCs from 44,004.5231 BTC as of January 23rd.

Yesterday, the US government released a notice stating plans to sell 2875 Bitcoins seized from the Silk Road dark web drug dealer Ryan Farace and former <a href="/price/secret-scrt" target="_blank" class="blog_inner_link">Secret</a> Service agent Shaun Bridges. These Bitcoins are currently worth approximately $133 million. Ryan Farace was sentenced to 54 months in prison in Maryland last year for conspiracy to launder money. Shaun Bridges was a member of the Silk Road Task Force and was sentenced to six years in prison in 2015 for his involvement in the US government's investigation into the Silk Road. The US government has stated that it plans to dispose of confiscated property in accordance with the instructions of the US Attorney General.

Latest progress on <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>: On January 26th, according to Spot on Chain monitoring, 45956 ETHs (valued at $1.02 billion) were sent to multiple CEX addresses in the past 8 hours at the Celsius address. Among them, 305254 ETHs (approximately $674 million) were sent to Coinbase Prime; 146,507 ETH (approximately $324 million) sent to Paxos; 7,800 ETH (approximately $17.02 million) were sent to FalconX.

Starting from November 13, 2023, <a href="/price/celsius-network-cel" target="_blank" class="blog_inner_link">Celsius Network</a> has transferred a total of 757,626 ETHs (approximately $1.69 billion) to FalconX, Coinbase, OKX, and Paxos. Currently, Celsius still holds 62,469 ETHs (approximately $138 million) in address 0xdb3.

According to ai_9684xtpa monitoring, the high winning whale, which had previously been mainly bullish, borrowed 6,600 ETHs from Maker 7 hours ago and sold them all at an average price of $2,230, valued at $14.72 million. Later, when ETH fell, he bought back all the tokens at an average price of $2,208 and repaid the loan, ultimately earning a profit of $497,000.

BlockBeats news: On January 25th, Ethereum developers have set a final schedule for upgrading "Denchun." If it runs smoothly on Sepolia and Holesky test networks on January 30th and February 7th, developers will determine the date for "Denchun" to log in to the Ethereum main network. The current goal is to end February or early March.

It's the monthly option delivery date again. According to Deribit data, BTC options with a nominal value of $3.74 billion will expire and be delivered tomorrow, with a Put Call Ratio of 0.52 and a maximum pain point of $41,000. ETH options with a nominal value of $2.05 billion will expire and be delivered tomorrow, with a Put Call Ratio of 0.31 and a maximum pain point of $2,300.

In addition, a public opinion survey is also worth paying attention to. Yesterday, according to a media survey of European cryptocurrency users in France, Spain, Italy, and Sweden, 73% of respondents were optimistic about the future of cryptocurrencies. This survey delves into the preferences and behaviors of European crypto communities. 55% of participants fully utilize digital assets, indicating that these financial instruments occupy a significant position among the surveyed population.

The survey also revealed some key trends: 55% of participants use digital assets in their daily shopping, and 10% use cryptocurrency to purchase goods every week. In terms of usage, 34% of respondents use it for long-term transactions, 26% for savings, 13% for daily transactions, and 9% for daily purchases.

The main drivers of crypto adoption include high return potential (20% of respondents), decentralization and financial autonomy (18% of respondents), and interest in innovation and technology (17% of respondents). 82% of respondents have been involved in the crypto market for at least one year, with 73% participating for 1 to 5 years. In terms of storage preferences, 65% of respondents tend to use centralized exchange wallets, followed by hardware wallets (18%).

## Macro: GDP growth exceeds expectations, with interest rate cuts betting on "repeated horizontal jumps"
On Thursday, driven by growth in personal spending, the fourth quarter GDP of the United States grew 3.3% higher than expected. The number of initial jobless claims in the United States for the week ending January 20 recorded 214,000, a new high since the week ending December 23, 2023. After the data was released, traders increased their bets on the Fed's interest rate cut, which may suggest that the Fed is less eager to cut rates.

Impacted by this data, the US dollar index rose significantly during the US trading session, reaching an intraday high of 103.68 at one point and ultimately closing up 0.23% at 103.48; The 10-year US Treasury yield briefly approached the 4.2% mark during trading, but then turned around and closed at 4.120%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.299%.

Spot gold hit a roller coaster ride, falling below the 2010 level before the US market and reaching an intraday low of 2009.60. It then regained all lost ground and fluctuated back and forth around the 2020 level, ultimately closing up 0.35% at $2,020.86 per ounce. Spot silver rose more than 1% again and ultimately closed up 1.07% at $22.91 per ounce.

Due to the continued disruption of global trade caused by the tense situation in the Red Sea, international crude oil prices may rise by over 2%. WTI crude oil rose significantly on the day, ultimately closing up 2.3% at $77.04 per barrel; Brent crude oil stabilized at the $80 mark and ultimately closed up 2.43% at $82.18 per barrel. The US stock index rose 0.64%, the S&P 500 index rose 0.53%, and the Nasdaq rose 0.18%.

Now, the US economy grew faster than expected in the fourth quarter, putting a perfect end to a year that many had expected to end with an economic recession.

According to data from the United States Bureau of Economic Analysis, the initial annualized quarterly real GDP rate for the fourth quarter of the United States recorded 3.3%, exceeding expectations of 2% and slowing down from the previous 4.9%, reaching a new low since the second quarter of 2023. This has led to a 2.5% growth in the US economy in 2023, an increase from 1.9% in 2022. The initial actual quarterly personal consumption expenditure rate in the fourth quarter of the United States recorded 2.8%, higher than the expected 2.5%, which is a new low since the second quarter of 2023, with a previous value of 3.1%.

Meanwhile, the labor market shows signs of cooling down, with the number of initial jobless claims in the United States reaching 214,000 for the week ending January 20, a new high since December 23, 2023, exceeding expectations of 200,000. The previous value was raised from 187,000 to 189,000.

After the data was released, short-term interest rate futures in the United States rose as traders increased their bets on the Fed's rate cut.

According to CME's "Federal Reserve Observation," the probability of the Federal Reserve maintaining interest rates in the range of 5.25% to 5.50% in February is 97.4%, and the probability of a 25 basis point rate cut is 2.6%. The probability of maintaining interest rates unchanged by March is 48.7%, the probability of a cumulative 25 basis point rate cut is 50.0%, and the probability of a cumulative 50 basis point rate cut is 1.3%.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>