Chainlink has unlocked 19 million LINK tokens worth $269 million as part of its routine quarterly release. While this isn’t unusual, the latest unlock has sparked interest due to a high-profile trader’s recent actions on the Hyperliquid platform.
Where Did the Unlocked LINK Go?
Out of the 19 million LINK tokens, 14.875 million LINK ($212.9 million) were transferred to Binance, likely to boost liquidity, as most LINK trading volume occurs there.
The remaining 4.125 million LINK ($56.2 million) moved to a multi-signature wallet (0xD50), following Chainlink’s usual distribution strategy.
Key LINK Unlock Stats:
📌 Since August 2022, Chainlink has unlocked 176 million LINK ($2.43B current value).
📌 151.3 million LINK have been deposited to Binance at an average price of $11.41.
📌 Chainlink still holds 342.5 million LINK ($4.7B) in non-circulating supply contracts.
This ongoing strategy aims to maintain liquidity and support trading volume, reinforcing LINK’s role in the crypto ecosystem.
High-Profile Trader Shifts Focus to LINK
On-chain data from Lookonchain reveals that a well-known whale, dubbed “ETH 50x Big Guy,” has recently made bold moves in LINK trading.
Whale’s Trading Activity:
🔹 Opened a $31,000 long position on LINK with 10x leverage.
🔹 Executed trades on Hyperliquid and GMX.
🔹 Purchased 863,174 LINK ($12.1 million USDC).
🔹 Gradually swapped LINK into stablecoins just hours after opening the position.
This trader gained notoriety after a $4 million leveraged trade loss on Hyperliquid. Following this, the platform announced risk management updates to prevent similar large-scale liquidations.
Hyperliquid Tightens Trading Rules
To address risks from large leveraged trades, Hyperliquid will update margin requirements starting March 15.
🔸 Traders must maintain a 20% margin ratio on margin transfers.
🔸 Cross-margin trading will remain unaffected unless usage exceeds 5x after opening an isolated position.
🔸 The update aims to reduce market impact from large trades while still allowing up to 40x leverage.
LINK Price Rebounds Despite Market Volatility
Despite these major transactions, Chainlink’s price rose 4% in the last 24 hours, reaching $13.90. This recovery follows a 12% weekly decline and a 27% drop over the past month.
With whale activity, ongoing token burns, and market adjustments, LINK remains a closely watched asset in the crypto space.
