On-chain analytics platform Lookonchain has reported a substantial withdrawal of LINK tokens from the Binance exchange. The transactions were initiated by 81 new wallets, with the total amount withdrawn reaching 4.7 million LINK, equivalent to $31.58 million.
The unusual activity was first observed on September 19 when Lookonchain noticed about 35 new wallets making significant LINK withdrawals on Binance. At that point, the wallets had withdrawn only 755,687 LINK, valued at approximately $5.08 million. However, both the volume of LINK and the number of involved wallets surged in subsequent days.
Further analysis revealed details about these newly established wallets and their respective withdrawal amounts. The largest withdrawal was made by a single wallet that pulled out 280,567.67 LINK from Binance, translating to a value of roughly $1.88 million. Four such wallets withdrew more than 200,000 LINK tokens within the period under observation.
Seven of these new wallets withdrew between 100,000 and 199,999 LINK tokens while the rest withdrew less than 99,000 LINK tokens. Notably, none of the wallets made withdrawals of less than 5,000 LINK.
LINK is the native cryptocurrency of Chainlink, a blockchain abstraction layer that facilitates universally connected smart contracts. Between September 15 and September 19, LINK’s value increased by 14.54%, climbing from $6.15 to $7.04. Although it briefly fell back to $6.59, it has since continued its upward trajectory.
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