Could be either or, but since they've taken off the 'free withdrawal' from the site. I'm leaning to the second one
based on what Celsius been saying for weeks, they are solving illiquidity issues. so they are being liquid. anything else is speculation
All rumors but best case scenario Celsius will no longer pay gas fees, will lower yields, incrementally pay off loans and then wait until their mining operation and ETH merge (stETH to ETH) can be reclaimed to make depositors whole or close to whole.
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