Crypto Whale Shifts Focus to Chainlink After Major Token Unlock

A notable cryptocurrency whale, known for its high-stakes trading maneuvers, appears to have shifted focus from Ethereum (ETH) to Chainlink (LINK).

This latest move saw the whale liquidating 18.36 million LINK tokens, worth approximately $1.34 million, resulting in a loss of around $512,000, or 2.7%. The average sale price of these tokens was reported at $13.7 each.

Further analysis reveals that the same whale also closed several long positions in LINK on the GMX platform, securing a profit of $195,000.

In another move, the whale converted these positions on the Hyperliquid platform into short Bitcoin positions, leveraging 40x. At the time of writing, the unrealized profit from this new position stood at $290,000.

READ MORE:

Bitcoin Could Reach Trillions in Market Cap, According to Strike CEO

This activity occurred shortly after Chainlink’s significant token unlock, which released a large volume of tokens into circulation.
The timing of these trades coincided with a 4% surge in Bitcoin’s price, potentially influencing the whale’s strategy.

Alexander Stefanov