ChainCatcher reports that according to on-chain analyst Emberwatch, 18.75 million LINK (worth $214.6 million) were unlocked and transferred from five non-circulating supply addresses in the past five hours. Of these, 18.125 million (worth $207.5 million) were transferred to Binance, and 625,000 (worth $7.15 million) were sent to a multi-signature address, 0xD50...8Af.

Every three months, approximately 20 million LINK are unlocked and transferred from non-circulating supply addresses. Most are transferred directly to Binance, while a small portion goes to the 0xD50...8Af address (the LINK sent to this address enters the LINK staking rewards distribution contract, which is used to distribute rewards to stakers).

Since 2022, approximately 133.4 million LINK (worth $1.29 billion) have been unlocked and flowed into Binance via this method, with an average transfer price of $9.69. Although a large amount of LINK is unlocked and flows into Binance every quarter, this has not resulted in a significant drop in LINK prices after each transfer to Binance.