Chainlink Completes Latest Quarterly Token Unlock, Distributes 19 Million LINK
Chainlink has completed its latest quarterly token unlock, releasing 19 million LINK tokens worth approximately $269 million. According to Spot On Chain, the 19 million LINK that was unlocked was distributed between Binance and a multi-signature wallet. Of the 19 million LINK unlocked, 14.875 million LINK worth $212.9 million was sent to Binance, the world’s largest cryptocurrency exchange, while the remaining 4.125 million LINK, valued at $56.2 million, was transferred to a multi-signature wallet labeled “0xD50.”
Since August 2022, Chainlink has unlocked a total of 176 million LINK, which was initially valued at $2 billion but has now appreciated to $2.43 billion at current market prices. Out of the total, 151.3 million LINK has been directly deposited to Binance at an average price of $11.41, reinforcing Binance’s central role in LINK trading.
Chainlink’s Token Unlock Schedule
Chainlink follows a structured token unlock schedule, releasing 10 to 20 million LINK from its non-circulating supply every three months. A significant portion of these tokens is transferred to Binance, while a smaller fraction is allocated to the 0xD50…8Af address. The purpose of these periodic unlocks is to support the growth of the Chainlink ecosystem, fund development initiatives, incentivize node operators, and provide liquidity for trading.
This distribution model has remained consistent over the years, demonstrating Chainlink’s strategic approach to managing its ecosystem and token economy. Despite the routine unlocks, Chainlink still holds 342.5 million LINK, valued at $4.7 billion, across various non-circulating supply contracts. This substantial reserve underscores the project’s long-term commitment to network growth and ensuring a steady supply of tokens for liquidity provisioning.
Market Reaction and Whale Activity
Yesterday, a whale invested $7.1 million USDC to acquire 506,226 LINK at an average price of $14.03. To finance this purchase, the whale sold 1,108.83 ETH for $2.1 million USDC and borrowed an additional $5 million USDC from Spark. This transaction indicates a bullish sentiment around LINK, as large investors appear to be positioning themselves for potential price appreciation. The combination of these whale purchases and Chainlink’s structured token management strategy could contribute to sustained momentum for LINK in the near future.
As of this writing, LINK is trading at $14.03, ranking 12th by market capitalization at $9.19 billion. The token has seen a 0.58% decline in the last 24 hours and an 8.86% drop over the past week. Additionally, its trading volume has fallen by 2.47%, settling at $677.55 million.
Technical Analysis
From a technical analysis perspective, LINK faces short-term resistance at $15 and mid-term resistance near $17. In a recent market update, analysts suggested that LINK could rally toward $22 or higher in the coming months, driven by favorable market conditions and increasing institutional interest.