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Friday, August 12, 2022

Celsius Has Moved Around $529 Worth Of wBTC

Celsius, the lending platform that is currently fighting a battle, recently transferred around 25,000 Wrapped Bitcoin to crypto exchange FTX.

This transfer of crypto worth $529 million has prompted some concerns from the community about the possibility of a dump that could follow soon. This huge transfer to the exchange comes immediately after the platform of lending paid off the remaining sum of $41.2 million of debt to the protocol Maker, which freed up the loan’s entire wBTC collateral. However, the community seems to be pretty unsure regarding what they should make out of this transfer, with some fearing the dump of the Wrapped Bitcoin on the exchange could follow soon- something that would push the price of Bitcoin down.

Celsius Has Moved $529 Million Worth Of wBTC To FTX

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Others, interestingly, have been far more hopeful that this move may be in preparation for Celsius to start swapping their Wrapped Bitcoin for BTC, which could then be interpreted as a good sign for the depositors who’ve forever been hoping for the withdrawals of Bitcoin to reopen eventually on the platform of this lending company. As it turns out, Bitcoin has been up by 8% in the last 24 hours at a trade above the sum of $22,100, which has suggested that most of the market participants have been taking this deal in stride.

The 25,000 wBTC that was sent to FTX from Celsius does follow the news that took place earlier that claims that around 150,000 BTC may be released potentially into the market as Mt. Gox creditors receive their BTC back after a wait of 8 years. Currently, the CEO of the lending platform, Alex Mashinsky, has remained completely silent about this or any other movement of funds.

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