There has been a sharp increase in Chainlink tokens moving to exchanges just days before the project announced a major banking initiative. According to on-chain data from the Ethereum network, Binance recorded a net inflow of more than 10.2 million LINK on June 19. This pushed the exchange’s LINK reserves from 84.1 million to 94.3 million tokens in a single day. LINK Exchange Supply CryptoQuant said the sudden movement also caused the seven-day average netflow to surge by 20,677% compared with its three-month average, as it highlighted an unusual change in exchange activity. The large transfer took place only a few days before Chainlink unveiled Project Pangea on June 23. The initiative focuses on T+0 foreign exchange settlement, involves more than 80 banks from Europe and South Korea, and represents over $10 trillion in assets under management. Historically, inflows of this size have increased the amount of tokens available for selling on exchanges and have often been linked to higher market volatility. However, LINK’s price reaction remained relatively limited as it fell from around $8 to approximately $7.3 during the period. The transfers were also found to be highly concentrated among a small group of large holders. The “inflow_top10” metric was nearly equal to the total inflow volume, which suggests that most of the tokens came from a handful of wallets rather than broader retail participation. CryptoQuant added, “Although Project Pangea represents a potentially meaningful long-term development for the Chainlink ecosystem, the near-term on-chain picture points to increased exchange supply.” Despite this increased inflow, more users are holding the token during uncertain market conditions. Santiment reported earlier this month that the number of wallets holding at least 1 LINK has climbed above 535,000, which is the highest level seen since December 2022. The increase came even though LINK remains far below its previous cycle highs. ETF Flows On the institutional side of things, spot LINK ETF flows turned positive again on June 23 after experiencing their first day of net outflows on June 22. The funds recorded $491,000 in net outflows that day. However, sentiment improved quickly as inflows of about $138,000 returned on June 23. Activity then stalled on June 24, with no net flows recorded. Despite the recent fluctuations, data from SoSoValue revealed that total spot LINK ETF inflows for June currently stand at $3.61 million. The post LINK Whales Move Millions to Binance Before Key Banking News appeared first on CryptoPotato .
