Embattled crypto broker platform Voyager Digital has been selling off its cryptocurrency holdings at a fast rate, blockchain intelligence firm Arkham Intelligence tweeted.
Blockchain transaction data by Arkham shows that Voyager transferred at least some $54 million of cryptocurrencies to exchanges Coinbase and Binance.US in the past week, likely to sell the tokens. It transferred at least $24.7 million of ether (ETH), $12.2 million of shiba inu (SHIB) and $2.5 million of Chainlink’s LINK to exchanges through the last seven days, per Arkham’s data.
The crypto broker’s total deposits to exchanges amount to $121 million since the beginning of February.
Transaction data also shows that Voyager received some $150 million of Circle’s USDC stablecoin from Coinbase in the past four days, likely proceeds from the cryptocurrency sales.
The crypto broker’s recent maneuver may also foreshadow selling pressure for the cryptocurrencies that are among the firm’s largest holdings, notably for ETH and SHIB.
Arkham data shows that Voyager’s largest non-stablecoin crypto holdings are 166,223 of ETH worth $271 million, 6.2 trillion of SHIB tokens worth $77 million, and 148.4 million of its own VGX token, valued at some $63 million. Further notable holdings include some $13 million of LINK, $5.5 million of Fantom’s FTM and $5 million of Bored Ape’s APE token.
Voyager crypto addresses hold a total of $697 million worth of cryptocurrencies, including $236 million of USDC stablecoin, according to Arkham.
