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LINK On-chain data shows that crypto market maker GSR is suspected of selling LINK on a large scale
According to the on-chain data marked by @OnchainLens, crypto market maker GSR seems to be significantly reducing its holdings of Chainlink (LINK) native tokens. These transfers were all directed to the @Binance exchange and in less than 48 hours had a total value of approximately US$8.25 million.
Details of online data
According to @OnchainLens's monitoring records, GSR sent 303,010 LINKS to Binance after receiving tokens from Gnosis Safe, worth approximately US$4.29 million. The move follows another batch of operations: Two days earlier, 275,000 LINKS worth approximately $3.96 million were sent to Binance from the same wallet address.
During these two-day window, a total of 578,010 LINKS (valued at approximately US$8.25 million) were sent to Binance. Routing tokens to a centralized exchange is often seen as a precursor to a sale because holders typically deposit assets on the exchange when they plan to liquidate them. As one of the more well-known institutional market makers in the crypto field, GSR has not yet publicly commented on the move.
Background: LINK's price and market position
Chainlink was established in 2017. It is an industry-standard oracle platform dedicated to introducing capital markets into the chain environment and dominates the decentralized finance (DeFi) field. The project is expected to benefit from emerging trends such as the popularity of stablecoins, the tokenization of real-world assets, and the adoption of institutional blockchain.$ LINK tokens are used to pay for platform service fees and ensure network security.
This is not the first time that GSR has been associated with significant LINK dynamics. Earlier this year, a large cryptocurrency holder reportedly sold 441,000 LINK tokens through GSR Markets, suffering an estimated loss of $1.77 million. The funds involved were initially withdrawn from Binance between June and October 2024, with an average price of US$12.70 per token.
The latest transfer adds new selling pressure to tokens in this turbulent year. As of early October 2026, the trading price of LINK is close to US$14.40, the market value is approximately US$10.8 billion, and the circulation supply is close to 748 million units. Market observers are paying close attention to whether GSR's transfer behavior will translate into a sustained downward trend or be absorbed and digested by the market.
