Celsius Network moved millions of dollars’ worth of altcoins on Monday, including Polygon (MATIC), Chainlink (LINK) and Aave (AAVE). This follows the US bankruptcy court’s ruling in June allowing the crypto lender to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. Celsius aims to convert these tokens into Bitcoin (BTC) and Ether (ETH).
According to data from the crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. This includes $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE.
The Data Nerd shared details of the transfers on Twitter. So far, Celsius has sent 1.2M $LINK ($8.5M), 2.8M $SNX ($7.8M), 12.5K $BNB ($3M) and more. They still have $65M in altcoins left (excluding $BTC, $ETH, $CEL and stablecoins).
FalconX then started depositing the received tokens onto Binance, suggesting the sale was on. According to Dune Analytics data, after these transfers the Celsius portfolio still holds over $106 million worth of its native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE) and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).
Analysts at Kaiko have noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity, such as CEL which has next to zero liquidity. They added that the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.
