Crypto News

Bitcoin and Ether Decline As Chainlink Sees Significant Token Movements

Despite the stock market reaching new highs, Bitcoin and Ether have both declined over 10% from their yearly peaks.

Other major cryptocurrencies such as Solana ($SOL), Cardano ($ADA), and Chainlink ($LINK) have experienced even steeper drops, each falling more than 25% from their recent highs.

In the last 24 hours, 18.77 million Chainlink tokens, valued at approximately $256.20 million, were transferred to cryptocurrency exchanges.

This movement comes as Chainlink unlocked 21 million LINK ($295 million) from four non-circulating supply contracts. Of this amount, 18.25 million LINK ($264 million) was deposited directly to Binance, while 2.25 million LINK ($31.3 million) was sent to a multisig wallet at address 0xD50f.

Chainlink Has Unlocked A Total Of 127 Million LINK

These activities were conducted by the entity managing Chainlink’s non-circulating supply. Since August 2022, Chainlink has unlocked a total of 127 million LINK and sent 107.7 million LINK to Binance at an average price of $9.89.

Currently, there are 391.5 million LINK ($5.4 billion) remaining across 24 non-circulating contracts.

Despite these significant token movements, the price of LINK has remained relatively stable post-unlocks, indicating that the market is absorbing the supply influx without drastic price drops.

The recent declines in Bitcoin and Ether, coupled with large-scale movements of LINK, highlight the volatility and dynamic nature of the cryptocurrency market.

Investors and traders are closely watching these developments to gauge future price movements and market trends. As the crypto market continues to evolve, significant token movements and their impacts will remain critical factors for market participants to monitor.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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