11 New Wallets Pull $19.8M in LINK From Binance as Selling Pressure Quietly Fades
- 11 new wallets quietly moved $19.8M LINK off Binance
- Selling pressure weakens as exchange balances show steady decline
- Analyst flags defensive accumulation during LINK price consolidation
Chainlink moved back into focus after a sharp change in exchange balances caught trader attention. On-chain data shows that 11 newly created wallets withdrew 1.567 million LINK from Binance, with the combined value estimated near $19.8 million. The structure of the withdrawals, not just their size, shaped market reaction.
The LINK did not flow into long-standing addresses. Instead, it moved into brand-new wallets. That detail suggested deliberate positioning rather than routine internal transfers. Blockchain analyst Ali Martinez highlighted the pattern as unusual, noting that fresh wallets often signal cold storage or long-term custody intentions.
At the same time, LINK remained technically weak. Price continued trading below all major moving averages, while the 200-day average capped recovery attempts. Short-lived rebounds failed to build momentum. However, downside pressure did not intensify alongside the weakness.
Selling waves appeared controlled rather than aggressive. Volume on downward moves declined, and recent lows held without panic-driven exits. That behavior pointed to fading sell-side urgency even as price struggled to recover.
Large holders typically avoid removing liquidity during strong uptrends. They act more often when price compresses and sentiment stays neutral. Exchange outflows reduce readily available supply. While that does not guarantee upside, it alters how sensitive price becomes to incremental demand.
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Analyst flags defensive positioning over speculation
Ali Martinez explained that the newly created wallets resemble cold storage more than yield-focused strategies. The LINK left platforms designed for active trading instead of rotating into other exchanges. That behavior aligned with defensive positioning rather than short-term speculation.
Price action supported this interpretation. LINK continued forming lower highs, yet sellers failed to force deeper breakdowns. Buyers consistently defended support zones. Consequently, the market showed signs of stabilization rather than acceleration lower.
Another factor involved broader relevance. Chainlink remains positioned within real-world asset tokenization, oracle infrastructure, and cross-chain data services. That role stayed intact despite recent price softness. Experienced capital often separates network utility from short-term valuation during drawdowns.
Additionally, fewer tokens on exchanges reduce immediate selling capacity. This setup can amplify price reactions once demand improves. Still, momentum indicators remain weak, and analysts stressed patience.
The withdrawal activity marked a notable shift in holder behavior. LINK moved away from active trading venues during a period of compressed price action. While technical confirmation remains limited, on-chain signals suggested that selling pressure continued to fade quietly.
Also Read: Pundit Highlights the Side of Crypto “People Never See” and How it Affects XRP
The post 11 New Wallets Pull $19.8M in LINK From Binance as Selling Pressure Quietly Fades appeared first on 36Crypto.
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