Bankrupt lender Celsius’s plan to liquidate its altcoins for Bitcoin (BTC) and Ethereum (ETH) could exert more pressure on the crypto market, according to a July 10 report from blockchain analytical firm Kaiko.
Kaiko noted that most altcoins held by Celsius had recorded significant drops, ranging from 6% to as high as 84%, in their liquidity over the past year.
“The aggregated market depth for Celsius’ altcoin holdings has declined by 40% since 2022, totalling around $90mn in early July.”
Per the chart below, only Litecoin (LTC), Bitcoin Cash (BCH), Polygon (MATIC), and Aave (AAVE) saw pronounced changes in their liquidity situations over the past year, while others mostly declined.
Source: Kaiko
BCH and LTC, in particular, saw a surge in their liquidity situation after EDX, a crypto exchange backed by traditional financial institutions, enabled support in June.
The crypto company further noted that Celsius’s total altcoin holding exceeded $90 million, “which means it will
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