Chainlink Whale Transfer Hits Price Rally, but Spot Outflows Offer Support
Chainlink's recent price rally faced a setback after a whale transferred $2.3 million in LINK to Coinbase, causing some selling pressure.
The transfer of 198,300 LINK tokens to Coinbase added sell-side supply, but it was not the only factor at play. Chainlink had seen a strong weekly advance, with its price gaining 22.82% over seven days before pulling back by 3.04%
Despite the whale's deposit, Chainlink saw $8.35 million in spot net outflows as of writing, indicating that aggregate exchange withdrawals exceeded incoming LINK supply.
The broader flow picture was more supportive than initially implied, with the $8.35 million outflow significantly higher than the whale's $2.3 million deposit. This trend could reduce immediately available exchange supply and potentially cap speculative buying pressure.