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
XRP Whale Activity Surges With Billions in Binance Deposits Per Day
$IMX Soars 24% in 4-Hour Rally – Can Immutable Lead the Next Web3 Gaming Boom?
VIPBitget VIP Weekly Research Insights
The Sui ecosystem has performed exceptionally well over the past six months, driven by a positive flywheel effect built on DeFi incentives, ecosystem partnerships, and support for high-quality projects. This cycle — subsidizing staking participation, boosting TVL and liquidity, empowering new projects with exposure and expanding its user base — has propelled Sui to the forefront. Currently, the market is speculating on a potential SUI ETF launch and anticipating another TVL milestone for the ecosystem. Recently launched Sui-based tokens, such as DEEP and WAL, have already been listed on Korea's leading exchange Upbit, demonstrating the strong backing and resources of the Sui Foundation. Additionally, an upcoming token unlock worth over $250 million has drawn further market attention. While large unlocks can trigger price concerns, as seen with Solana, SOL remains resilient, and many investors are optimistic about SUI's long-term price action. A post-unlock pullback could present an attractive entry point.
Ethereum (ETH) Price Prediction May 2025: Will ETH Break $2,100 or Face Rejection?
Trending news
MoreCrypto prices
More
