Celsius selling, more pain for BNB, LINK, and SNX?

Celsius selling, more pain for BNB, LINK, and SNX?

The Impact of Celsius Selling Altcoins on the Blockchain Industry

The recent move by Celsius, the bankrupt crypto lender, to sell its non-Bitcoin and non-Ethereum crypto assets has sent ripples through the blockchain industry. On July 17, Celsius transferred approximately $23.5 million worth of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX. This move, while potentially positive for creditors, may have wider implications for the token valuations of these projects.

Celsius Selling Altcoins

Celsius’ decision to sell altcoins has raised eyebrows within the blockchain community. Specifically, Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol that links on-chain smart contracts to external but verified data. Additionally, Celsius transferred $7.84 million worth of SNX, the native token of Synthetix, a protocol that enables users to trade derivatives called synths1.

Furthermore, Celsius sold $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind Ox Protocol, one of the pioneering decentralized finance platforms2. Lastly, Celsius also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX, who began depositing these tokens to Binance for selling3. The only token moved to a different exchange was BONE, with Celsius transferring $235,000 of the meme token to the popular cryptocurrency exchange, OKX4.

It’s worth noting that FalconX primarily caters to institutional investors, offering diverse services, including liquidity provision and risk management, while OKX serves both retail and institutional investors5. Thus, the majority of tokens held by Celsius have flowed through FalconX.

In late June, Judge Martin Glenn of the Southern District of New York permitted Celsius to convert all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. The conversion process was set to commence on July 16.

Altcoins Taking A Hit

This recent transfer of altcoins by Celsius comes at a time when the blockchain industry is experiencing both positive and negative developments. For instance, a favorable ruling by a US judge deemed XRP, one of the major altcoins, as not a security and can be traded like a commodity, similar to Bitcoin7. However, despite this positive news, the momentum for most altcoins, particularly XRP, tapered off during the weekend, causing a decline from last week’s highs8.

The impact of Celsius selling its altcoins can also be seen in the price actions of other tokens. BNB, the native currency behind Binance, the world’s largest ecosystem, is currently oscillating within a $30 range as bears dominate price action. From the daily chart, BNB faces resistance at $260 and has experienced a decline of over 30% from its April 2023 highs9.

Similarly, LINK and SNX have also recorded losses on the 24-hour chart. LINK is down 2.97% and is currently trading at $6.63, while SNX has seen a 3.94% drop, bringing its price to $2.6410. These price actions indicate that the sale of altcoins by Celsius has had a tangible impact on the overall market sentiment.

BNB price on July 17

BNB price on July 17| Source: BNBUSDT on Binance, TradingView

In conclusion, Celsius’ decision to sell altcoins has not only affected the valuations of these tokens but has also influenced market sentiment within the blockchain industry. The transfer of various cryptocurrencies to FalconX and OKX has raised concerns about the potential impact on token prices. Additionally, the recent decline in altcoin momentum, despite positive developments such as the XRP court ruling, suggests a complex and ever-evolving landscape for blockchain investors and enthusiasts.


  1. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  2. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  3. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  4. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  5. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  6. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  7. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  8. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  9. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

  10. Source: Celsius Starts Selling Altcoins, Transfers $23.5M Worth of Tokens↩︎

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