Celsius Moves $59M of Altcoins in Possible Prelude to Converting Into BTC, ETH
A U.S. bankruptcy court previously granted the crypto lender permission to sell its altcoin holdings for bitcoin and ether starting in July.
Bankrupt crypto lender Celsius Network deposited a total of $59.4 million of cryptocurrencies to institutional crypto exchange FalconX early Monday, potentially to sell them for bitcoin () and ether () after a U.S. bankruptcy court late last month .
The maneuver could apply significant sell pressure on the tokens’ prices due to deteriorated liquidity, crypto analytics firm Kaiko noted in a last week.
Blockchain data by shows that a Celsius-controlled crypto wallet sent $13.6 million in Polygon’s , $10.7 million in Chainlink’s , $7.3 million in to a FalconX deposit address.
In an earlier batch of transactions on Monday, the company transferred another $8.5 million in LINK, $7.8 million in Synthetix’s SNX and $3 million in token. The firm also sent more than a million dollars worth of, ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT.
The moves followed a U.S. bankruptcy judge’s on June 30 to allow the embattled lender to convert its stash of smaller tokens worth some to the two largest cryptocurrencies by market cap starting this month. Celsius filed for last summer after halting withdrawals. Its former chief executive, Alex Mashinsky, Thursday on fraud charges by the Department of Justice (DOJ).
Recently, Celsius some $64 million of tokens out from custody wallets to its over-the-counter deposit wallet, foreshadowing potential token sales.
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.
VIPBitget VIP Weekly Research Insights
Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.
Can Solana Ride the Nasdaq Hype to Close Q2 Above $160?
Solana's price rise is fueled by renewed institutional interest and growing trader participation, positioning SOL for a potential breakout above $160.
Bitcoin: Scarcity Deepens With Every Block Mined
Crypto prices
More
