{"id":570485,"date":"2024-01-20T10:00:34","date_gmt":"2024-01-20T10:00:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=570485"},"modified":"2024-06-11T07:16:15","modified_gmt":"2024-06-11T07:16:15","slug":"crypto-ftx-celsius-matic-eth-wbtc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-ftx-celsius-matic-eth-wbtc\/","title":{"rendered":"Brace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance"},"content":{"rendered":"
The <\/span>crypto market<\/span><\/a> might be about to experience a further downturn as a recent development suggests an imminent selloff is on the horizon. This comes following the recent market moves by <\/span>Grayscale<\/span><\/a>, which is believed to be responsible for the <\/span>recent decline in Bitcoin\u2019s price<\/span><\/a>.\u00a0<\/span><\/p>\n On-chain data<\/span><\/a> shows that defunct crypto lender Celsius Network recently transferred 34.08 million MATIC to the <\/span>crypto exchange Binance<\/span><\/a>. Meanwhile, a wallet address linked to <\/span>Alameda Research<\/span><\/a>, the sister company of defunct crypto exchange FTX, also recently sent 135 WBTC to Binance, 207 WBTC, and 1150 ETH to Wintermute.<\/span><\/p>\n These transactions are more significant, considering that Celsius and FTX are in a bankruptcy liquidation process as they look to <\/span>repay their customers<\/span><\/a>. As such, transferring these funds to trading platforms like Binance suggests that these tokens could be dumped on the market soon enough.\u00a0<\/span><\/p>\n Celsius, in particular, is known to have been making major moves in the market as of late. NewsBTC had <\/span>recently reported<\/span><\/a> how Celsisus had transferred $125 million worth of ETH last week to various crypto exchanges, something which could have possibly contributed to recent bloodbaths in the crypto market.\u00a0<\/span><\/p>\n On the other hand, selloffs by Alameda could form part of <\/span>FTX\u2019s repayment plan<\/span><\/a>, which it filed back in December 2023. This is a huge possibility, considering the defunct trading firm was used <\/span>as a tool<\/span><\/a> by Sam Bankman-Fried (SBF) to defraud FTX customers.\u00a0<\/span><\/p>\n <\/p>\n Grayscale<\/span><\/a> is also believed to have <\/span>contributed greatly<\/span><\/a> to the recent downturn in the crypto market. The asset manager has had to offload some of <\/span>its BTC holdings<\/span><\/a> in a bid to fulfill redemptions from GBTC investors. These investors have been taking profits ever since GBTC was converted into a Spot Bitcoin ETF, with an outflow of over $2 billion from the fund since then.\u00a0<\/span><\/p>\nCelsius And FTX Crypto Funds On The Move<\/h2>\n
Total market cap chart from $1.58 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Another Whale Contributing To Recent Market Downturn<\/h2>\n