Two leading institutions in the bankruptcy liquidation phase are actively making large crypto asset transfers. Celsius and FTX moved millions worth of Ethereum (ETH), Polygon (MATIC), and Wrapped Bitcoin (WBTC) to the exchanges. This happened after both institutions promised to repay their official clients or creditors through their crypto treasuries.
Celsius and FTX are dumping these 3 altcoins on exchanges
Celsius Network and FTX transferred $43 million worth of ETH, WBTC and MATIC to exchanges. According to on-chain analysis portal SpotOnChain, huge transactions were recorded via Celsius and FTX/Alameda wallet addresses in the last 24 hours. To accelerate bankruptcy liquidation, Celsius recently completed a massive transaction of 34.09 million MATIC. The transfer was worth approximately $26 million and went to leading crypto exchange Binance. SpotOnChain shared the following about Celsius’ latest transaction:
Celsius Network deposited another 34.09 million MATIC ($25.7 million) to Binance in the last 10 hours. Over the past 2 days, Celsius Network deposited 56.8 million MATIC ($44.5 million) on Binance at an average of $0.784.
Simultaneously, the FTX/Alameda address processed ETH and WBTC transfers. The institution moved 207 WBTC worth $8.6 million and 1150 ETH worth $2.85 million to Wintermute. Additionally, FTX transferred 135 WBTC to Binance, worth a total of $5.6 million. These transactions also indicate a major selling movement by Celsius and FTX.
cryptokoin.comAs you follow from , previously, in the first week of January, Celsius officially confirmed the start of a recall and rebalancing initiative for crypto assets. However, it has placed a special focus on its Ethereum reserves to repay its creditors. Celsius initiated such efforts to maintain sufficient liquidity for potential asset distributions. Celsius then took decisive action, withdrawing 206,300 ETH at the time. The value of the withdrawn stock reached an estimated $467 million, based on the then-prevailing price of $2,264.64.
Bankrupt crypto institutions divest large ETH and WBTC
FTX and Celsius transferred $35.1 million in WBTC and ETH on January 9. They transferred these crypto assets to FalconX, a prominent crypto brokerage and trading firm. In addition, there were transfers to major central exchanges, including Binance and Coinbase. According to SpotOnChain, FTX/Alameda transferred $11.72 million in WBTC and ETH to Binance and Coinbase. This transaction involved transferring 200 WBTC worth $9.39 million to Binance. They transferred 1000 ETH, worth $2.33 million at that time, to Coinbase.
In addition, Celsius transferred 10,000 ETH worth $23.39 million to Coinbase and FalconX. However, despite this move, Celsius continued to maintain a significant ETH stake, holding 556,927 ETH, worth an impressive $1.28 billion.
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