So far they have sent:
$LINK ($8.5M)
$SNX ($7.8M)
$BNB ($3M)
and more
They still have $65M in alt left (excluding $BTC, $ETH, $CEL and stablecoin) per @ArkhamIntel. pic.twitter.com/cy5lEr123Z
— The Data Nerd (@OnchainDataNerd) July 17, 2023
The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1INCH (1INCH) FTX Token (FTT) and Tether Gold (XAUT).
Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto BINANCE – suggesting the sale was on.
After these transfers, Dune Analytics data shows 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).
While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.
Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.
