Bitcoin Languishes as ETF Optimism Subsides; PEPE Takes the Lead in Altcoin Profits

First Mover Asia: Bitcoin Tempts $30K as Investors Eagerly Await ETF Approval

First Mover Asia: Bitcoin Bounces Back to $30.1K Following Dip to June's Lowest Point

Last week, beleaguered cryptocurrency lender Celsius Network opted to stake around $75 million worth of ether (ETH) through Figment, a reputable institutional-grade staking service, as evidenced by blockchain data.

Based on information provided by crypto intelligence firm Arkham Intelligence, Celsius transferred a total of 40,928 ETH to a crypto wallet in a series of fourteen transactions that occurred between May 10 and May 12. The recipient of the funds is Figment, who subsequently deposited them into staking contracts, as confirmed by Ethereum blockchain explorer Etherscan.

This transfer marks one of the most significant fund movements for the crypto lender since it initiated Chapter 11 bankruptcy protection in July.

Celsius found itself among the crypto companies that faced insolvency following the abrupt collapse of the blockchain project Terra and the subsequent turmoil in the crypto markets a year ago. Consequently, the company had to suspend user withdrawals. In an effort to restructure, the bankruptcy court is organizing an auction to sell Celsius and its assets to potential investors, such as digital asset investment firm NovaWulf and private equity powerhouse Apollo Global Management.

By depositing its digital assets into a staking service, Celsius can generate rewards while undergoing the restructuring process. According to Figment's website, they provide an average annualized staking reward of 5.6%.

Celsius' decision comes as quite a surprise, especially considering that it manages one of the largest Ethereum (ETH) staking pools, which holds approximately $290 million worth of assets.

“The interesting part is that they decided to stake with Figment instead of their own staking pool,” Tom Wan, analyst at digital asset investment product firm 21Shares, said in a note.

Based on Arkham blockchain data, the most recent deposit into Celsius' staking pool occurred in April of the previous year, which was before the freezing of withdrawals and the filing for bankruptcy. Additionally, Celsius holds approximately $750 million worth of stETH, Lido Finance's liquid staking derivative token, through which it earns rewards.

Source Coindesk