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Greener Pastures! Crypto markets make modest gains on the day amid a down day for a stock market that continues to inch towards new all-time highs. The total crypto market cap (TOTAL) is green, up 3.7%, but broadly alts are struggling against Bitcoin. What's driving BTC outperformance?
Ethereum continues to demonstrate persistent weakness against Bitcoin, with the ETH/BTC ratio now at risk of breaching the absolute lows it set during the 3AC implosion. Some are attributing Ether weakness towards the Celsius estate’s persistent offloading of ETH.
We have found that Celsius has sold $243M worth of $ETH over the past 30 days.
This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash.
They still have $3.94B in digital assets remaining,… pic.twitter.com/9qRAiTfe1j
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