In the upcoming week, there may be significant sell-offs in the crypto market as entities like Celsius, FTX, and Alameda Research resume fund movement. Additionally, the release of $400 million worth of new tokens during the week could contribute to market turbulence and further fuel the anticipated sell-off.
Watch Out for Celsius, FTX, and Alameda
Celsius Network has transferred over $125 million in Ethereum to various exchanges, with $95.5 million going to Coinbase and $29.73 million to FalconX. However, Celsius still holds a substantial reserve of 539,000 ETH and additional assets such as 9,799 BTC in its wallet.
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. Like Celsius, FTX and Alameda hold approximately $1.2 billion in EVM assets.
$400 Million in Tokens to be Unlocked
CryptoRank has noted that seven projects will unlock $407.7 million worth of digital assets. BitDAO leads the lineup with 172.98 million tokens valued at $147.74 million.
Among other tokens scheduled for release are SEI, UNI, ACE, LDO, AXS, and APE. This planned token unlocking will have an impact on the crypto market in the coming week.
Hot Take: Potential Sell-Offs Ahead Due to Fund Movements and Token Unlocking
The crypto market is likely to experience significant sell-offs in the upcoming week due to fund movements by entities like Celsius, FTX, and Alameda Research. These entities have resumed transferring funds to exchanges, indicating potential sales as part of their commitment to compensating affected customers.
Additionally, the unlocking of $400 million worth of tokens by various projects will add to the market turbulence. It is crucial for crypto investors to stay vigilant and monitor these developments closely to make informed decisions.
Disclaimer: This news article aims to provide accurate and timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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