Introduction and methodology

Celsius Network is a platform that allows users to buy cryptocurrencies, as well as borrow or invest their cryptoassets to earn interest. In the latter case, the company offers to pay annual interest in dollars of up to 18.63%, a rate similar to that offered at the time by Terra's Anchor Protocol.

Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing a day after the cryptocurrency lender filed for Chapter 11. Recently, Celsius made the decision to halt trading activity due to ‘extreme market conditions’, including a pair of events that had a severe impact: the depegging of stakehound eth STETH and the Luna crash. Potential Celsius owned addresses have been circulating on twitter and we want to know the behaviors surrounding these addresses. Currently Celsius owns a large portion of the CEL tokens.

The intention of this dashboard is to explore what have been the top addresses swapping and transferring CEL over the past 90 days, how have the CEL swap volumes changed over these past 90 days and how are Celsius wallets interacting with the CEL token.

Results

Looking at the CEL transfers carried over the past 90 days, we can see how the top wallets are transferring between 10 and 185M of CEL.

The difference is considerably between the top 1 wallet and the rest of the top 10. While the top 1 transferred 185M, representing more than 55% of the total top 10 CEL transferred, the rest of the wallets transferred less than 35M of CEL each.

Looking at the two donuts below, we can see the CEL swapped volume by the top 10 wallets. I have splitted the swaps to and from CEL. It can be seen how while for the users are getting CEL, the distribution is similar in both cases. There are two main wallets swapping in and out situated at the top 2 in both cases, representing 47% of the top 10 CEL swapped in and more than 50% of the top 10 CEL swapped out. The rest of the wallets represent less than 11% of the total volume swapped and the percentages are similar in both cases but the ranks are different from swaps in to swaps out.

If we take a look at the daily volume of CEL swapped over the past 90 days, we can see how there are like 3 main moments when the volume was higher than normal.

• The first one is registered between May 11th and May 16th, just during the UST depegging occurred on Terra ecosystem. However, in this case the volume in and out was similar and then, the netflow was not altered.
• The second important point was between June 11th and June 15th, it has been the moment when the major of the volume of CEL were swapped. Basically, in June 13th, the volume swapped dramatically spiked passing from a million to almost 10M of CEL swapped. In this case, the netflow was negatively altered, being more selling swaps.
• The other important point was in July 14, where the volume was over 1M in both directions, but the netflow was not altered as well as in the 1st point.

Finally, I have taken a look at the CEL transfers done by Celsius wallets on Ethereum network. As it can be seen in the image above, we can see how a huge amount of transfers took place during the UST depeggng, surpassing the 6k transfers on May 9th. In all of the aforementioned points where the volume was higher than normal, the amount of transfers done by Celsius wallets were higher than 1k.

Looking at the volume of CEL transferred, it can be seen how in all of the three cases it was higher than 20M. However, the highest value were registered on June 13th, when the Celsius halt announcement took place. At this day, more than 40M of Celsius were transferred.

Conclusions and key insights

In this dashboard we have explored the CEL activity over the past 90 days. We have explored as well the Celsius wallets’ activity. The key insights extracted from the analysis have been the following:

• The top wallets are transferring between 10 and 185M of CEL. But he top 1 that transferred 185M, represents more than 55% of the total top 10 CEL transferred.

• There are two main wallets swapping in and out situated at the top 2 in both cases, representing 47% of the top 10 CEL swapped in and more than 50% of the top 10 CEL swapped out.

• There are like 3 main moments when the CEL activity spiked:

  • Between May 11th and May 16th, just during the UST depegging occurred on Terra ecosystem. Netflow not altered.
  • Between June 11th and June 15th, it has been the moment when the major of the volume of CEL were swapped. Basically, in June 13th, the volume swapped dramatically spiked passing from a million to almost 10M of CEL swapped. In this case, the netflow was negatively altered, being more selling swaps.
  • In July 14, where the volume was over 1M in both directions, but the netflow was not altered as well as in the 1st point.

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