Warning: Celsius wants to disperse WBTC holdings?
Celsius has completed its repayment to Maker Protocol. However, this lending platform is showing signs of wanting to release all WBTC to the market.
Celsius’s surprise action
As an updated Coincu News article, on the evening of July 7, Celsius paid off the Bitcoin loan from Maker Protocol by paying an additional $41.2M and reducing the liquidation price from $2722 to $0.
By the time complete reimbursement was made, the Celsius wallet was no longer seriously in danger of being liquidated (Bitcoin would have needed to reach roughly $2,722 to cause a liquidation), although data from DeFi Explore reveals that on May 12, a $700 Bitcoin move could have done it. After May 12, this lending platform added WBTC and DAI many times to raise the collateralization ratio and avoid a liquidation.
The unexpected action of this lending platform was to immediately withdraw 21,962 WBTC used as collateral when making a loan.
Notably, last night Celsius pushed all of this WBTC onto the FTX exchange, with a high probability to release it to the market.
Currently, BTC price is showing signs of recovery and is trading around $21,500. With this move of Celsius, it is very likely that there will be a dump in the near future, please pay attention.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
CoinCu News
Author
Analysis
Warning: Celsius wants to disperse WBTC holdings?
Celsius has completed its repayment to Maker Protocol. However, this lending platform is showing signs of wanting to release all WBTC to the market.
Celsius’s surprise action
As an updated Coincu News article, on the evening of July 7, Celsius paid off the Bitcoin loan from Maker Protocol by paying an additional $41.2M and reducing the liquidation price from $2722 to $0.
By the time complete reimbursement was made, the Celsius wallet was no longer seriously in danger of being liquidated (Bitcoin would have needed to reach roughly $2,722 to cause a liquidation), although data from DeFi Explore reveals that on May 12, a $700 Bitcoin move could have done it. After May 12, this lending platform added WBTC and DAI many times to raise the collateralization ratio and avoid a liquidation.
The unexpected action of this lending platform was to immediately withdraw 21,962 WBTC used as collateral when making a loan.
Notably, last night Celsius pushed all of this WBTC onto the FTX exchange, with a high probability to release it to the market.
Currently, BTC price is showing signs of recovery and is trading around $21,500. With this move of Celsius, it is very likely that there will be a dump in the near future, please pay attention.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
CoinCu News
Other Posts
Related Posts
Organic Coverage
