Chainlink’s latest quarterly token unlock sent a fresh wave of LINK into the market — and a large chunk straight to Binance — even as on-chain data shows bigger holders becoming more active during a prolonged slide in price.

According to on-chain data aggregators, Chainlink moved 19 million LINK as part of its scheduled unlock, with roughly 14.375 million tokens transferred to Binance. LINK was trading around $8.6 at the time, with momentum indicators still soft; one data balance-sheet noted the relative strength index (RSI) remained below 50.

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Token unlocks are routine for projects with vesting schedules, but they tend to concentrate attention because they can translate into immediate sell-side liquidity.

A deposit of that size to a major exchange is often read by traders as potential distribution — though an exchange transfer alone doesn’t confirm selling.

The timing is awkward for bulls. Separate coverage noted LINK has now logged seven consecutive monthly declines, with the token down again in early April and hovering near the mid-$8 range.

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While price has bled, analysts tracking Binance flows flagged spikes in large outflow transactions — daily peaks where the top whale withdrawals exceeded 8,000 LINK per transaction. The monthly average of large withdrawals has also been rising since mid-February, suggesting more big players are moving tokens off-exchange.

Santiment data cited in coverage pointed to a growing number of wallets holding at least 1,000 LINK, described as the highest development level since early December, 2025.

That kind of accumulation can reduce available supply on exchanges, but analysts cautioned similar patterns earlier in the downturn didn’t immediately change direction.

Institutional positioning looks steady but less energetic.

LINK ETFs from Grayscale and Bitwise have avoided net outflows since launch, with cumulative inflows topping $98 million. Still, monthly inflows reportedly cooled sharply — from about $59 million in December to roughly $10.8 million in March.

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