In the upcoming week, the crypto market may witness significant sell-offs in digital assets, with notable bankrupt entities like Celsius, FTX, and Alameda Research resuming fund movement.

Moreover, the impending release of an additional $400 million worth of new tokens during the week adds to the potential market turbulence that could further contribute to an anticipated sell-off.

Watch Out for Celsius, FTX, and Alameda

During the past week, Celsius Network transferred over $125 million in Ethereum to various exchanges. Around $95.5 million in ETH was sent to Coinbase and another $29.73 million to FalconX.

Despite these transfers, Celsius retains a substantial reserve of 539,000 ETH, equivalent to $1.40 billion. On-chain data from Arkham Intelligence reveals the lending platform holds additional assets, including 9,799 BTC valued at $420.46 million in its wallet.

Meanwhile, the two firms in Sam Bankman-Fried’s failed crypto empire — FTX and Alameda Research — have also resumed transferring funds to centralized exchanges. Last week, these entities executed transfers of $28.2 million in digital assets, including 402.6 Wrapped Bitcoin, 3,200 Ethereum, 602,000 Pendle, and 9.03 million People. Like Celsius, FTX and Alameda retain approximately $1.2 billion in EVM assets.

Read more: Why These 5 Altcoins Could Drop Due to a Spike in Profit-Taking

Still, observers have suggested that these asset movements potentially signal impending sales by these firms as part of their commitment to making affected customers whole.

$400 Million in Tokens to be Unl
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Author: Oluwapelumi Adejumo

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