Celsius Moved $529 Million From wBTC to FTX Exchange: Should We Be Worried?

The crypto community fears the move could lead to over $500 million worth of Bitcoin spilling into the market.

Beleaguered lending platform Celsius has transferred nearly 25,000 Wrapped Bitcoin (wBTC), worth $528.9 million, to crypto exchange FTX, raising concerns among some members of the community as to whether a dump might follow soon.

The huge move to the exchange comes after the lending platform repaid its remaining $41.2 million in Maker Protocol (MKR) debt, releasing the full wBTC collateral from its ready.

However, the community is unsure what to make of the transfer, with some fearing that a dump of wBTC on the exchange will soon follow, driving down Bitcoin prices.

Others are more hopeful that the move might be in the works for Celsius to exchange their packaged Bitcoin for BTC, which may be a good sign for depositors who were hoping that Bitcoin withdrawals would eventually reopen on the platform. Celsius form. Bitcoin is up 8% in the past 24 hours to trade above $22,100, suggesting market participants are taking the news at their own pace.

The 21,962 WBTC released from the remaining DAI loan repayment have already found their way to FTX...

It didn't take long...

Incoming $BTC Dump? https://t.co/A9B9YaLQ1W#CelShortSqueeze=#CelPumpAndDump

Not your keys, not your crypto pic.twitter.com/V2edblhmXZ

The 25,000 wBTC sent to FTX follows news earlier today that 150,000 BTC could potentially be