Chainlink Transferred Over $200 Million in LINK to Binance in Past 5 Hours
Chainlink Unlocks 18.75 Million LINK, Mostly Flowing to Binance
According to Golden Finance, on-chain analyst Ember has observed that 18.75 million LINK (worth $214.6 million) were unlocked and transferred from five non-circulating supply addresses in the past 5 hours.
- 18.125 million LINK (worth $207.5 million) were transferred to Binance.
- 625,000 LINK (worth $7.15 million) were transferred to a multi-signature address 0xD50...8Af.
Every three months, around 20 million LINK are unlocked from non-circulating supply addresses. Most of it directly flows to Binance, while a small portion goes to the 0xD50...8Af address (which is used to distribute LINK staking rewards).
Since 2022, roughly 133.4 million LINK (worth $1.29 billion) have been unlocked and transferred to Binance through this mechanism, with an average transfer price of $9.69.
Despite the massive quarterly unlocking and flow of LINK into Binance, it hasn't resulted in significant price drops for LINK after each transfer.