Introduction and methods

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.

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.

In this dashboard we are gonna try to track the activity of the newly identified Celsiu swallets and we will take a look at the following aspects:

• Incoming vs outgoing transactions over time
• The average amount being moved
• The wallet compositions by token

Results

Taking a look at the transactions going to Celsius network and outgoing during the past recent days, it can be seen how despite June 9th, for the rest of the days the number of incoming transfers has been higher than the number of outgoing transfers. In general, the amount of incoming transactions increased since June 10th, passing from around 50k to around 150k. The netflow then increased as well and become strongly positive.

The same occurred with the volume. Taking into account the volume incoming and exiting the platform, it can be seen how the major growth were detected during June 12th and 13th with a high number of millions of dollars.

If we split the incomes and outcomes by each token available on Celsius, we can see how the major of incmomings were with WBTC and USDT, while the amount of outgoing volume were more heterogeneous, involving basically USDT, LINK, MATIC, DAI and CEL.

Finally, considering the net volume by each token in a daily basis, we can see how there are two tokens to be highlighted: USDT and WBTC. While the first had more activity from June 9th to 12th, the second one's increase took place from 10th to 13th. For this second case, representing WBTC, the netflow exceeded the 500M during June 12th and 13th!

The distribution of netflow among tokens is similar to the previous calcuated distribution of tokens by incoming volume. The WBTC has been the most popular one with more than 66% of the total volume moved while USDT represents almost 25%.

Conclusions and insights

In this analysis we have studied the the behaviors surrounding the potential Celsius owned addresses that have been circulating on twitter during the Celsius decision to halt trading activity due to ‘extreme market conditions’.

The main insights extracted from the analysis are the following:

• The amount of incoming transactions increased since June 10th, passing from around 50k to around 150k. The netflow then increased as well and become strongly positive.
• The major growth of volume were detected during June 12th and 13th with a hundred millions of dollars moved, the major of them coming from wBTC.
• The WBTC has been the most popular token with more than 66% of the total volume moved while USDT represents almost 25%.