Chainlink Unlocks $149 Million in Token on Binance as Price Hits Monthly Low

Chainlink has released 17.875 million LINK tokens, valued at approximately 149 million USD, as part of its scheduled quarterly unlock.

On 06/21, the blockchain analysis platform LookOnChain reported that these tokens were transferred from the protocol's non-circulating reserves to Binance, the largest cryptocurrency exchange by trading volume. This is the eleventh unlock since the process began in 2022.

LINK Faces Increased Selling Pressure

Although these events are routine, they often cause controversy among investors due to potential market impacts.

History shows that Chainlink has transferred most unlocked tokens to centralized exchanges, which can increase circulating supply and put pressure on prices.

Meanwhile, the unlock coincides with increased inflows of LINK to exchanges. Data from IntoTheBlock shows approximately 225 million USD in digital asset value was transferred to exchanges this week.

A notable transaction, reported by Whale Alert, involved 1.9 million LINK, valued at around 25 million USD, sent from an unidentified wallet to Binance.

Large inflows to exchanges typically signal increased selling activity. When supply increases, prices tend to drop unless there is equivalent demand. This trend has affected LINK's price performance in recent months.

According to data from BeInCrypto, the token has dropped over 5% in the past 24 hours and is currently trading around 11.8 USD, its lowest level since April.

LINK has declined 30% in the past month and is down 13% year-over-year, reinforcing a broader bearish sentiment.

However, many long-term investors remain optimistic. They believe that Chainlink remains crucial infrastructure for decentralized finance, thanks to its Proof of Reserves, cross-chain functionality, and compliance tools.

These features have made it a key player in Oracle services, particularly in supporting stablecoins and cross-chain assets.

Currently, traders are closely monitoring whether the post-unlock selloff will continue or LINK can recover from its recent decline.