{"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

Celsius And FTX Crypto Funds On The Move<\/h2>\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

\"Crypto<\/p>\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

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>\n

Crypto analytics platform Arkham Intelligence <\/span>recently revealed<\/span><\/a> that Grayscale had sent out another 12,870 BTC from their wallets. That figure brought the total number of BTC that the asset manager has deposited into Coinbase to 47,900 BTC, which is said to be worth around $1.97 billion based on current prices.<\/span><\/p>\n

As noted by Arkham, these transactions likely represent redemptions of BTC shares. Interstingly, JP Morgan predicts that Grayscale\u2019s GBTC could experience an outflow of up to $3 billion. If so, then the market could be in for more pain as the asset manager would have to offload more BTC to fulfill these redemptions.\u00a0<\/span><\/p>\n

Featured image from Toptal, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The crypto market 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 Grayscale, which is believed to be responsible for the recent decline in Bitcoin\u2019s price.\u00a0 Celsius And FTX Crypto Funds On The Move On-chain data shows that defunct crypto lender Celsius Network recently transferred 34.08 million MATIC to the crypto exchange Binance. Meanwhile, a wallet address linked to Alameda Research, the sister company of defunct crypto exchange FTX, also recently sent 135 WBTC to Binance, 207 WBTC, and 1150 ETH to Wintermute. These transactions are more significant, considering that Celsius and FTX are in a bankruptcy liquidation process as they look to repay their customers. As such, transferring these funds to trading platforms like Binance suggests that these tokens could be dumped on the market soon enough.\u00a0 Celsius, in particular, is known to have been making major moves in the market as of late. NewsBTC had recently reported 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 On the other hand, selloffs by Alameda could form part of FTX\u2019s repayment plan, which it filed back in December 2023. This is a huge possibility, considering the defunct trading firm was used as a tool by Sam Bankman-Fried (SBF) to defraud FTX customers.\u00a0 Total market cap chart from $1.58 trillion | Source: Crypto Total Market Cap on Tradingview.com Another Whale Contributing To Recent Market Downturn Grayscale is also believed to have contributed greatly to the recent downturn in the crypto market. The asset manager has had to offload some of its BTC holdings 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 Crypto analytics platform Arkham Intelligence recently revealed that Grayscale had sent out another 12,870 BTC from their wallets. That figure brought the total number of BTC that the asset manager has deposited into Coinbase to 47,900 BTC, which is said to be worth around $1.97 billion based on current prices. As noted by Arkham, these transactions likely represent redemptions of BTC shares. Interstingly, JP Morgan predicts that Grayscale\u2019s GBTC could experience an outflow of up to $3 billion. If so, then the market could be in for more pain as the asset manager would have to offload more BTC to fulfill these redemptions.\u00a0 Featured image from Toptal, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":570443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[83722,86204,91147,6664,10923,91255,14690,71704,89272],"class_list":["post-570485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-celsius","tag-celsius-network","tag-celsius-news","tag-crypto","tag-crypto-market","tag-crypto-market-waves","tag-crypto-news","tag-ftx","tag-ftx-news"],"acf":[],"yoast_head":"\nBrace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance<\/title>\n<meta name=\"description\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Brace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance","url":"http:\/\/uniquehot.com\/news\/crypto-ftx-celsius-matic-eth-wbtc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-ftx-celsius-matic-eth-wbtc\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Picture122.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Picture122.png?fit=936%2C348"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["celsius","celsius network","celsius news","crypto","crypto market","crypto market waves","crypto news","ftx","ftx news"],"dateCreated":"2024-01-20T10:00:34Z","datePublished":"2024-01-20T10:00:34Z","dateModified":"2024-06-11T07:16:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Brace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-ftx-celsius-matic-eth-wbtc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-ftx-celsius-matic-eth-wbtc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Picture122.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Picture122.png?fit=936%2C348\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"celsius\",\"celsius network\",\"celsius news\",\"crypto\",\"crypto market\",\"crypto market waves\",\"crypto news\",\"ftx\",\"ftx news\"],\"dateCreated\":\"2024-01-20T10:00:34Z\",\"datePublished\":\"2024-01-20T10:00:34Z\",\"dateModified\":\"2024-06-11T07:16:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Picture122.png?fit=936%2C348","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570485"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=570485"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/570443"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=570485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=570485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=570485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}