#LINK Chainlink’s $166M transfer sparks debate on LINK’s price
$8.5, the altcoin has been closing at lower lows, reaching a low of $7.7.
As of this writing, Chainlink traded at $7.9, up 1.4% on the daily charts. Despite the extended market weakness, the Chainlink team unlocked its quarterly unlocks, capturing market attention.
Chainlink moves $166 million worth of
$LINK On the 20th of June, Chainlink’s quarterly unlock occurred, and 21 million
$LINK worth $166 million were transferred from non-circulating supply addresses.
After the unlock, these addresses deposited 18.375 million
$LINK , worth $144.93 million, into Binance, according to Arkham. Typically, Chainlink’s unlocked tokens are released as part of the project’s token distribution schedule.
These tokens are moved for three major reasons. Firstly, the unlocked tokens are transferred to exchanges to provide liquidity.
Secondly, the project sells a portion to fund operations and other activities. Finally, tokens may be transferred to reward operators and support staking programs.
In fact, of the remaining tokens, 2.62 million
$LINK , worth $20 million, were transferred to a multisig wallet. These funds are used to distribute rewards to link staking users.
It’s worth noting that these tokens were neither sold nor issued as inflation; however, such transfers attract market attention.
Despite that, exchange activity also recorded these transfers. According to CryptoQuant data, Exchange Netflow jumped to 10.3 million.
A jump in NetFlow implied that more
$LINK entered exchanges. Many market participants perceive such a surge as bearish.
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