AAVE and 8 altcoins, which remained in the hands of the crypto company Celsius, which went bankrupt last year, are at risk of selloff. The company recently started converting some of its altcoin reserves into BTC and ETH.
LINK, AAVE, SNX and these altcoins at risk due to Celsius
Celsius started the process of exchanging its altcoins for Bitcoin and Ethereum last week. With the court approval, Celsius Network has been given permission to convert its altcoin reserves to BTC and ETH.
The crypto company has been under Chapter 11 protection since July 2022. However, the bankruptcy lawsuit left the company facing liabilities of up to $10 billion. According to the latest reports, the company is currently actively transferring its coins to different wallets. Most of the altcoins have been moved to the wallet address named “0x4131”. Remarkably, Celsius made its first swap today.
According to Lookonchain’s report, “Celsuis is currently transferring most of its altcoins to the wallet named “0x4131”. 1,393 StaFi (rETH) transferred to Wintermute Trading and received 1,393 ETH.
Here are Celsius’s remaining altcoins
Altcoins held by Celsius are worth about $164.5 million. The coins in question and their weights are as follows:
- 3.16 million LINK ($19.9 million)
- 98,268 AAVE ($7.36 million)
- 2.9 million SNX ($6.2 million)
- 7.95 million TGBP ($5.49 million)
- 1,812 PAXG ($3.45 million)
- 12,650 BNB (3.02 million)
- 3.841 million MATIC (2.65 million)
- 419,899 UNIs (2.27 million)
- 9.25 million ZRX (2.00 million)
In addition to the above, Celsius Network’s wallets also contain approximately $296 million worth of Bitcoin, $120 million worth of Ethereum and approximately $100 million CEL.
Yesterday, data from Arkham Intelligence revealed that Celsius has moved around $70 million worth of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, crypto protector Fireblocks, and stablecoin issuer Paxos.
AAVE and other coins at risk of selloff
The fact that Celsius has begun converting its holdings raises concerns that it is preparing for a potential sale. LINK, AAVE and SNX could face a drop if Celsius sells these altcoins in one go. In addition, MATIC, UNI, ZRX and BNB prices are also facing a negative impact.
Although court approval allows Celsius to convert altcoins to BTC and ETH, the exact details and timeline of the conversion process remain unclear. It is unclear whether Celsius plans to sell all of its altcoins and how much BTC and ETH it plans to buy.
Is LINK price at risk?
Chainlink, Celsius’ largest altcoin, could potentially see the most selling pressure, and the timing is reasonably bad. Just two weeks ago, LINK price managed to return to the 1-year trading range between $5.31 and $9.62.
Earlier in the week, LINK price was rejected at the 38.2% Fibonacci retracement level. This drop puts the price in danger of falling again to the lower end of the trading range. That’s why LINK investors need to keep a close eye on Celsius’s transactions. cryptocoin.com You can take a look at the latest Celsius transfers we have transferred from this article.
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