1. Chainlink's Regular Token Unlocking
2. Concern About LINK Selling Pressure on Binance
3. Whale Accumulation of LINK and Chainlink's Traditional Partnerships

Chainlink recently made a large transfer, unlocking and moving 18.75 million LINK tokens from their non-circulating addresses.

Chainlink's Regular Token Unlocking

According to SpotOnChain data, out of the total, 18.125 million LINK, worth about $207 million, were transferred to Binance. This event is part of Chainlink's quarterly token unlocking process, where around 20 million LINK are typically released to the market. Since 2022, Chainlink has transferred approximately 133.4 million LINK to Binance, with a total value of around $1.29 billion.

Concern About LINK Selling Pressure on Binance

Although the number of tokens unlocked and entering circulation is large, the event did not lead to a significant drop in LINK's price. In the last 24 hours, LINK's price has only decreased by about 2.64%. Large transfers are a regular occurrence for Chainlink and have been consistently happening every quarter since 2022. The average transfer price for each LINK token is $9.69, showing that the market has anticipated and absorbed this activity without a significant negative reaction.

Whale Accumulation of LINK and Chainlink's Traditional Partnerships

Despite the potential selling pressure, some whales in the Chainlink ecosystem are starting to accumulate more LINK tokens. This is due to Chainlink's successful partnerships with traditional financial institutions, indicating long-term potential for the Chainlink ecosystem. Such partnerships include collaborations with notable financial institutions like BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group, which are part of the tokenization pilot project with SWIFT.

Although there are concerns, LINK's price remains stable and even shows signs of resilience. At the time of writing, the price stands at around $11.30, having dropped by only 2.64% in the last 24 hours. Despite the regular token unlocking, LINK maintains a relatively high price, and the market seems to absorb all incoming tokens without major volatility. However, looking at LINK's price movement over the past year, the token has experienced a drop of about 20%, currently standing 88.7% below its all-time high. Nevertheless, signs of recovery and strong investor interest, especially following significant Chainlink partnerships, suggest that the token still has positive long-term prospects.