Chainlink Unlocks 19M LINK, $165M Moved to Market

The latest supply event from Chainlink is back in focus as the network completed its routine quarterly unlock, releasing nearly 19 million LINK tokens into the market. While this process isn’t new, the size, timing, and on-chain activity around it are catching attention.

$165M LINK Moved, Binance Sees Bulk Inflows

According to on-chain tracker Yu Jin, around 19 million LINK tokens, worth roughly $165 million, were moved from non-circulating wallets. Out of this, about 14.37 million LINK (nearly $125 million) was sent to Binance, while 4.62 million LINK (around $40 million) went to a multi-signature wallet.

Data from EmberCN confirms the same movement, noting that the unlock came from three separate supply addresses. Adding to this, EyeOnChain pointed out that three wallets tied to Chainlink’s non-circulating supply quietly pushed 14.37 million LINK to Binance within a short window, calling it a routine but closely watched transfer that often makes traders pause and reassess.

In a separate move, Cryptoquant data suggests that 4.9 million LINK worth $42 million was also transferred to Binance during a low-volume weekend, including a single 2.5 million LINK transaction.

What Happens to These LINK Tokens?

This follows Chainlink’s usual pattern of unlocking 10–20 million LINK every three months. Most tokens are routed to exchanges, while a smaller portion is directed toward staking-related wallets.

“Most of this is transferred to Binance, with a small portion going to the 0xD50…8Af address (LINK transferred to this address partially enters the LINK staking rewards distribution contract, used to distribute rewards to LINK staking users).

The multi-signature wallet receiving part of the funds is linked to staking reward distribution, helping support users participating in the network. So while some tokens add to the circulating supply, others are used to sustain ecosystem incentives.

LINK Price Holds Steady Despite Supply Pressure

Following the unlock, LINK is trading around $8.64, with a 24-hour volume of over $343 million. Price action remains relatively flat, down 0.08% in the past hour and 0.43% over the past day.

The circulating supply now stands at over 727 million LINK, against a maximum supply of 1 billion.

Whales Quietly Build Positions

At the same time, data from Santiment shows a steady rise in large holders. Wallets holding 1 million or more LINK increased from 100 in April 2025 to 125 in April 2026.

While the unlock adds short-term supply pressure, this steady accumulation suggests larger players are positioning early, even as the broader market remains under pressure.