Chainlink Shifts Millions of LINK to Binance, Traders Alerted
On June 21, on-chain data showed a 3 million LINK transfer (≈$37.5 million) from a non-circulating wallet to Binance—the first major deposit in three months. This follows the project’s 11th quarterly unlock since August 2022, which moved 17.875 million LINK (≈$149 million) to Binance, typically amounting to 80% of unlocked tokens. Large LINK transfers to exchanges often signal potential sell pressure and can increase liquidity, but if demand lags, they may weigh on price. Traders should monitor Binance order books for surges in LINK sell orders, track net exchange flows and watch price action. Over 300 million LINK remain locked, suggesting further token unlocks ahead.
Bearish
Large LINK transfers from non-circulating wallets to Binance—especially following routine quarterly unlocks—typically signal potential selling pressure and increased liquidity that can outpace demand. The pattern of moving around 80% of unlocked LINK onto exchanges, combined with the recent first major deposit in three months, heightens the risk of downward price action. Traders often respond by placing sell orders and reducing long positions when supply surges on exchanges, leading to short-term bearish pressure on LINK.