Chainlink moves $166 million of LINK to Binance, deepening price downtrend

On June 20, Chainlink completed its quarterly token unlock, transferring 21 million LINK – valued at about $166 million – from non‑circulating addresses. Of this, roughly 18.375 million LINK ($144.9 million) were deposited into Binance, while 2.62 million LINK ($20 million) were sent to a multisig wallet to fund staking rewards.

The large inflow to Binance raised concerns among market participants, who view increased exchange net‑flow as bearish. Combined with a lack of institutional demand – LINK spot inflows have been zero for nine consecutive days – the token has remained in a strong downtrend, trading around $7.9 and facing resistance below $8.0.

Analysts note that the unlock itself is neutral, but the weak demand for LINK spot ETFs and sustained negative momentum indicators suggest further price pressure unless the token can break back above the $8 level.