Chainlink Whale's $9.2 Million Move Triggers Sell-Off Fears

A large Chainlink investor has ended a month-long buying streak by transferring $9.2 million worth of tokens to Coinbase.

The whale, known as '0xF5B007', accumulated around 2.41 million LINK over the past month before depositing approximately 984,550 tokens into Coinbase.

This move has sparked concerns among crypto market participants about a possible sell-off, but some analysts believe that if the transferred funds enter the Coinbase order book, it could actually weigh on the price and push it back towards the $8.20-$8.50 support zone.

The whale still retains around 1.43 million LINK worth approximately $13.43 million, with a net unrealized profit of around $1.42 million on its remaining position.