Chainlink has released 17.875 million LINK tokens, valued at roughly $149 million, as part of its scheduled quarterly unlock.
On June 21, blockchain analysis platform LookOnChain reported that these tokens were moved from the protocol’s non-circulating reserve to Binance, the largest crypto exchange by trading volume. This marks the eleventh unlock since the routine began in 2022.
LINK Faces Rising Sell Pressure
While these events are routine, they often spark debate among investors due to their potential market impact.
Historically, Chainlink has shifted most unlocked tokens to centralized exchanges, which can increase the circulating supply and put pressure on the price.
Meanwhile, the unlock also coincided with LINK’s surge in exchange inflows. Data from IntoTheBlock shows around $225 million worth of the digital asset has moved onto exchanges this week.
One notable transfer, reported by Whale Alert, involved 1.9 million LINK, valued at approximately $25 million, was sent from an unknown wallet to Binance.
Usually, heavy inflows to exchanges signal increased sell-side activity. As supply rises, prices tend to soften unless met with equivalent demand. This trend has weighed on LINK’s price performance over the past months.
According to BeInCrypto data, the token has dropped over 5% in the past 24 hours and is now trading around $11.8, its lowest level since April.
LINK has declined by 30% over the last month and is down 13% year-over-year, reinforcing a broader bearish sentiment.
Still, many long-term holders remain optimistic. They argue that Chainlink remains critical infrastructure for decentralized finance, thanks to its proof-of-reserves systems, cross-chain functionality, and compliance tools.
These features have made it a key player in Oracle services, especially in supporting stablecoins and cross-chain assets.
For now, however, traders are watching closely to see whether the post-unlock selloff continues or if LINK can rebound from its recent dip.
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