Yesterday, the Chainlink blockchain network unlocked 19 million tokens valued at $269 million, most of which were transferred to the Binance exchange. This event has not led to significant price changes.
Chainlink Token Unlock
The Chainlink blockchain network unlocked 19 million tokens with a total value of $269 million, with 14.875 million LINK worth $212.9 million transferred to the Binance exchange and the remaining 4.125 million LINK sent to a multi-signature wallet.
Chainlink Unlock History
Since August 2022, Chainlink has unlocked 176 million LINK, valued at over $2.43 billion at current prices. Out of these, 151.3 million LINK were transferred to Binance at an average price of $11.41. Normally, these events result in a price drop followed by a recovery.
Hyperliquid Position Scenario
According to Lookonchain, a major investor opened a long position on LINK at Hyperliquid for $7.1 million just hours before the unlock. However, past activity by this investor resulted in $4 million losses for Hyperliquid.
The Chainlink token unlock and related events have not led to significant price movements for LINK, which continues to trade around $14.03.
