On-chain Data Shows That a Massive Token Unlock Just Took Place in an Altcoin

According to on-chain data, Chainlink ($LINK) has completed its routine quarterly token unlocking.

In a recent transaction, a total of 19 million $LINK tokens (approximately worth $165 million) were transferred from non-circulating supply addresses.

According to the data, the majority of the tokens issued were directly transferred to exchanges. A total of 14.37 million $LINK (approximately $125 million) was transferred to the Binance exchange, while the remaining 4.62 million $LINK (approximately $40.1 million) was sent to the multi-signature (multisig) wallet address 0xD50…8Af.

In these key token rollouts, which Chainlink conducts approximately every three months, a significant portion of the tokens are sent to exchanges to provide liquidity, while a smaller portion is used for staking rewards and ecosystem incentives.

This development is being closely monitored by market participants, and the transfer of a large amount of tokens to exchanges has raised the possibility of short-term selling pressure again. However, it has been observed in the past that similar key releases have been largely absorbed by the market and have had a limited impact on the long-term price structure.

*This is not investment advice.