Chainlink recently completed the scheduled unlock of 19 million LINK tokens worth $269 million, with a portion sent to Binance to enhance liquidity.
LINK Unlock: Details
Last week, Chainlink unlocked 19 million LINK tokens valued at $269 million as part of its quarterly token release plan. Of these, 14.87 million LINK worth $212.9 million were sent to Binance to enhance liquidity. The remaining 4.12 million LINK, valued at $56.2 million, went to a multisig wallet, a recurring practice since 2022.
Trader ETH 50x's Strategies
A trader known as 'ETH 50x' engaged in conflicting trades with LINK. On March 14, the trader opened a leveraged 10x position worth $31,000 and bought 863,174 LINK ($12.1 million) in spot markets. The trader later sold portions of these holdings, resulting in a $4 million loss on Hyperliquid, prompting the platform to revise its margin requirements.
Market Reaction and Outlook
Despite recent events, LINK's price increased by 4% to $13.90, partially offsetting a 12% weekly decline. At the same time, the price remains 27% lower than a month ago. Future outlooks depend on market conditions and the demand for Chainlink's oracle services. ETHNews analysts believe sustained price recovery is possible under more favorable market conditions.
Chainlink continues its strategy of regular token unlocks while individual traders contribute to market volatility. The overall picture of LINK's dependency on programmed liquidity and individual strategies underscores the complexity of current market conditions.
