Chainlink unlocks 19M token worth $269M and transfers to Binance

Blockchain network Chainlink unlocked 19 million tokens valued at $269 million, most of which were transferred to Binance. 

Some have speculated that the blockchain network sent the tokens to add liquidity to the exchange, especially since Binance accounts for most of LINK’s trading volume.

However, the unlocking event has yet to cause any drastic change to LINK’s trading price, with the token currently changing hands at $14.03.

Chainlink has unlocked more than 170 million tokens since August 2022

Chainlink sent 14.875 million LINK, roughly worth $212.9 million, to Binance while the remaining 4.125 million LINK were transferred to a multi-sig wallet, with the address 0xD50.

Notably, this is not the first time Chainlink has unlocked its tokens.

Since August 2022, Chainlink has released 176 million LINK, valued at over $2.43 billion at current prices. Out of the 176 million, 151.3 million have been transferred to Binance at an average price of $11.41. 

Normally, after almost every unlocking event, LINK has been known to drop before surging in a day or two. This time, LINK’s price remains relatively stable, and the impact of the unlocking event has yet to be clearly seen.

At the time of the unlock, Chainlink had about 467.63 million LINK. Currently, the network still holds about 342.5 million LINK across non-circulating supply contracts.

Whale goes long on LINK on Hyperliquid perpetual exchange, 

According to Lookonchain, one whale went long on LINK with a $7.1 million position mere hours before the unlocking on Hyperliquid. However, the investor’s “ETH 50x Big Guy” activity led to a $4 million loss for Hyperliquid on March 12.

On Friday, the trader had opened a $31,000 long position on LINK using 10x leverage, placing trades on Hyperliquid and GMX. The investor bought 863,174 LINK for $12.1 million USDC and later swapped them for stablecoins hours before executing the long trades.

Following the trader’s activity, Hyperliquid announced that traders will have to maintain a 20% margin ratio on margin transfers on March 15, targeting withdrawals of unrealized gains and losses from open positions. 

The platform stated, “This update is intended to maintain healthier margin requirements and reduce the systemic impact of large positions with hypothetical market impact upon closing.”

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