• Bankrupt crypto lender Celsius recently resumed staking Ethereum (ETH) worth $56.9 million.
• The reason behind this deposit is currently unknown, considering Celsius withdrew part of its staked ETH in April.
• According to the Arkham Intelligence dashboard, the lender holds 410,378 staked ETH worth $749.37 million.
Bankrupt Crypto Lender Resumes Staking Ethereum
Bankrupt crypto lender Celsius has resumed staking Ethereum (ETH), according to data shared by Arkham Intelligence. Arkham reported that the bankrupt lender staked 30,800 ETH — $56.9 million — via staking solutions provider Figment during the past week. A research analyst at 21Co, Tom Wan, corroborated the Arkham report.
Reason Behind Deposit Unknown
The reason behind this deposit is currently unknown, considering Celsius withdrew part of its staked ETH in April. At the time, industry players interpreted this as a move that the bankrupt firm was consolidating its assets.
Celsius Holds Significant Amount of Staked ETH
Celsius remains one of the biggest firms with a staked ETH portfolio. According to the Arkham Intelligence dashboard, the lender holds 410,378 staked ETH worth $749.37 million. Meanwhile, Celsius transactions are not altogether surprising given that several entities that withdrew their staked ETH have begun re-staking them. Liq
Re-staking Becoming Popular
Re-staking has become popular amongst cryptocurrency companies due to current high returns on investment for long-term holdings and increased demand for yield products by institutions and retail customers alike due to low yields from traditional investments like bonds and stocks in times of low inflation or recessionary conditions such as those experienced during 2020 due to Covid19 pandemic lockdowns around world .
Conclusion
In conclusion it would appear that re-staking is becoming increasingly more popular within cryptocurrency circles as investors seek higher returns on their investments than what traditional instruments offer in today’s climate of low interest rates and inflationary pressures brought about by global economic events such as Covid19 pandemic lockdowns last year .