Chainlink Holders, Be Careful! Massive LINK Unlocks Ongoing

Massive token unlocks typically have a negative impact on token prices. Most altcoins have seen at least some gains for their holders this week, however LINK failed to do so. The price actually lost 0.5% of is value.

This morning, SpotOnChain reported a significant token unlock event for Chainlink. Approximately 18.75 million LINK tokens, valued at around $215 million, were unlocked from Chainlink’s non-circulating supply contracts about four hours ago.

The majority of these unlocked tokens, 18.125 million LINK (worth $208 million), were sent to Binance. An additional 625,000 LINK tokens (valued at $7.18 million) were transferred to a multisig wallet with the address 0xD50f.

It’s worth noting that Chainlink follows a pattern of unlocking LINK tokens every three months since August 2022. The total amount unlocked so far is 145.75 million LINK, which is equivalent to about $1.5 billion.

Of these unlocked tokens, around 126 million LINK (approximately $1.28 billion) were directly deposited to Binance at an average price of $10.13. Interestingly, despite these massive unlocks and deposits to centralized exchanges, the LINK price has managed to remain stable or even increase following these events.

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Looking ahead, Chainlink still has a substantial reserve of 372.75 million LINK tokens (worth about $4.27 billion) spread across 24 non-circulating contracts. This suggests that further unlocks may occur in the future, potentially impacting the token’s price and supply dynamics.

Read also: This Bitcoin Indicator That Nailed April’s Momentum Shift Is Flashing Again as BTC Price Fails To Break $64K

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