Chainlink whale sends nearly $9.2M in LINK to Coinbase

A large Chainlink holder has transferred nearly one million LINK tokens to Coinbase, presumably to sell. The transaction involves 984,550 LINK worth around $9.23 million. The wallet had accumulated more than 2.4 million LINK over the past month via Binance. Despite the large transfer, the whale still holds 1.43 million LINK, with an estimated unrealised profit of around $1.42 million.

In brief:

• A Chainlink whale sends 984,550 LINK ($9.23M) to Coinbase, presumably to sell.
• The wallet accumulated around 2.41 million LINK via Binance over the past month.
• The wallet still holds 1.43 million LINK with an unrealised profit of $1.42 million.

Nearly one million LINK heading to Coinbase

On-chain data shows that the wallet routed 984,550 LINK to a Coinbase deposit two hours before the report. A transfer to an exchange is generally seen as preparation for a sale.

The move stands out because the whale had actually been actively buying LINK via multiple Binance wallets over the past month. In total, this involved around 2.41 million LINK. That pattern of accumulation followed by a large transfer to an exchange is drawing attention in the market.

Position remains substantial after partial exit

Despite the sale, the whale continues to hold a significant position. At the time of the report, the remaining 1.43 million LINK was worth approximately $13.43 million. That position still reflects an unrealised profit of about $1.42 million.

Earlier, Blockchain Stories wrote about analyst Michaël van de Poppe, who saw buying opportunities for Chainlink. Whether the current selling pressure from whales impacts the price also depends on how the broader market reacts to such large outflows.