According to on-chain data, 11 recently opened wallets withdrew a total of 1.567 million LINK, or approximately $19.8 million, from Binance in the past three days. The timing and structure of these withdrawals is more important than the total amount.
the link becomes stronger
In terms of market structure, LINK is in the midst of a recovery period. The 200-day moving average acts as a ceiling and the price is still below all important moving averages. The recent rally has been short and shallow, with weak momentum.
During uptrends, large companies typically do not remove liquidity from exchanges. They behave this way when downside risk appears more asymmetric, sentiment is indifferent, and prices are compressed. Currency outflows reduce readily available sell-side supply. The balance will change, but profits are not guaranteed. If there are fewer tokens on an exchange, even a small increase in demand will have a large impact on the price.
It is also important that these wallets are new. This is more like a fresh cold storage arrangement than an internal reorganization. Whether this is long-term accumulation, OTC settlement, or facility storage, the goal appears to be defensive rather than speculative. Rather than circulating funds to generate revenue, funds are being taken out of venues for sales purposes.
Is selling pressure getting worse?
LINK’s price chart indirectly supports this interpretation. Despite LINK hitting new highs, the strength of selling pressure has decreased. Recent lows have been defended without panic liquidations, and the amount of declines has decreased. This corresponds to the fact that the circulation is nearing its end and accumulation has begun quietly below the surface, but it is not bullish yet.
Narrative integrity is also an important factor. Chainlink sits at the intersection of real-world assets, tokenization, and cross-chain infrastructure. Even though the price has fallen, its relevance within the broader crypto stack has not diminished. During drawdowns, smart capital typically separates price and utility, and this is when accumulation usually occurs.
