Chainlink Whale Sells $15M LINK Amid Speculation

A Chainlink whale, known as address 0x7fBB, transferred $15 million in LINK tokens to Binance, sparking debate over potential strategy or panic selling.

The whale’s actions have introduced volatility in the LINK market, with prices experiencing downward pressure and global market reactions contemplating the implications.

Whale Sells 403K LINK After Kraken Acquisition

The whale initially held 1.75M LINK from Kraken, now selling 403,000 LINK worth $5.87 million. This move follows a year of accumulation beginning in March 2023, with no direct leadership comments so far.

The whale recorded profits but realized less than prior potential gains. The action contradicts wider market accumulation trends, with 15 million LINK acquired by others in recent months.

403K LINK Sale Triggers 3% Price Drop

The deposit of 403,000 LINK to Binance has contributed to a ~3% LINK price drop. Concerns arise over probable further sell pressure and short-term market volatility following these movements.

The transaction has not affected other major cryptocurrencies like ETH or BTC. Still, it sparks a community split between cautious outlooks on potential sell-offs and supporting long-term confidence from accumulation patterns.

Past Whale Actions and Market Corrections

Similar large-scale whale actions have influenced past market corrections and recoveries. These events often result in temporary price shifts as markets adapt to substantial token moves.

Future prices might stabilize or recover if holding patterns persist. Continuous LINK adoption by whales implies underlying confidence despite present market tremors.

“Whale 0x7BB recently started selling $LINK for profit!… Between Mar 24, 2023 and Mar 25, 2024, the whale withdrew 1.75M $LINK ($12.3M) from #Kraken at an average price of $7.03 and held for over a year. Since May 27, he has deposited 403K $LINK ($5.87M) to #Binance and still…” — @lookonchain, On-chain Analytics