Chainlink Developers Move $149M in LINK to Binance for 12th Time – Price Implications
According to Lookonchain on-chain data, Chainlink developers transferred 17.87 million LINK (worth $149 million) from non-circulating supply wallets to Binance. This marks the 12th large transfer by Chainlink insiders, 11 of which historically preceded LINK price gains. Separately, a whale withdrew $2 million in USDC from Bybit to buy 2.12 million FARTCOIN at $0.94 each, but the token now trades at $0.82, reflecting a 10% unrealized loss. Traders should watch for potential bullish momentum in LINK following this sizable supply shift.
Bullish
Large insider transfers of LINK to exchanges have historically preceded price rallies 11 times in the past. This 12th major shift of $149 million worth of LINK into Binance increases sell-side liquidity but also signals potential distribution ahead of new partnerships or staking events. Combined with positive on-chain indicators, traders may expect short-term volatility followed by renewed bullish momentum if the market absorbs the supply without downward pressure. Over the long term, repeated developer transfers that resulted in gains suggest continued confidence in LINK’s fundamentals and network growth.