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
4 reasons why Solana (SOL) price could rally back to $180
VIPBitget VIP Weekly Research Insights
Over the past few weeks, BTC has repeatedly tested the $100,000 resistance level, briefly breaking through multiple times before failing to hold, resulting in sharp declines Altcoins have entered a technical bear market, though SOL has shown resilience during both downturns and rebounds. However, the trading frenzy surrounding Solana-based memecoins has cooled, while discussions of institutional unlocking have gained traction on social media. On the night of March 2, Trump announced plans to establish a strategic crypto reserve, explicitly mentioning BTC, ETH, XRP, SOL, and ADA. This statement briefly reignited market sentiment amid oversold conditions, triggering a sharp crypto rebound. However, macroeconomic conditions remain largely unchanged, and liquidity recovery is a gradual process. The rally sparked by Trump's comments quickly faded, suggesting the market may still face further downsides. The following recommendations highlight projects worth monitoring in the current cycle, though they may not yet have reached an optimal entry point.
Texas Senate Passes Bitcoin Reserve Bill With 80% Votes in Favor
Texas' Bitcoin Reserve bill cleared the Senate with strong bipartisan support. Without mandatory Bitcoin purchases, it now moves to the House for a final vote.
El Salvador’s president says the country “won’t stop” buying Bitcoin
Trending news
MoreCrypto prices
More
