Celsius Moved Around $74 Million Altcoins Into BTC And ETH After Approval

Key Points:

• Celsius moved about $74 million in altcoins into Bitcoin and Ethereum.
• Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum.
• On June 30, a New York court agreed that the bankrupt platform could begin converting its altcoins into bitcoin and ether from July 1.

According to TheBlock, Celsius transferred approximately $74 million in altcoins, including Synthetix, Uniswap, ZRX, and several stablecoins, after being approved to convert altcoins into Bitcoin and Ethereum. One of the transfers went to a wallet linked to the market maker Wintermute.

According to data from the crypto data platform Arkham, the Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum. They also have around $100 million worth of CELs and approximately $30 million worth of stablecoins, with the remaining altcoins worth around $69 million.

In addition, Arkham’s report also states that network address Celsius (0x1C…9074) has staked 40.96 thousand ETH, worth about $75 million, for ETH2 staking contract through Figment from date May 10 to 12.

As previously reported, on June 30, a New York court approved Celsius to convert its altcoins into bitcoin and ether from July 1.

Celsius is preparing a plan to refund users “stuck” on the platform. Accordingly, the company will sell all altcoin balances on customer accounts in exchange for BTC & ETH. According to the balance sheet for April, the total altcoin sell pressure amounts to $279M:

• $CEL: $100M
• $MATIC: $58M
• $ADA: $29M
• $LINK: $20M
• $LTC: $19M

Except for CEL, which is the native token of Celsius, most are MATIC and ADA. These are all highly liquid coins, with such a selling force that can not be expected to affect the price of these tokens much. This gives users of the platform some peace of mind about the future repayment plan.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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