Why did the US government's LINK transfer attract attention?

The US government transferred 98,590 LINK tokens worth about $768,000 to Coinbase Prime from wallets linked to seized FTX Alameda assets. Traders closely watch these movements because transfers to institutional platforms can sometimes precede asset sales.

Was the government transfer large enough to impact Chainlink's market?

The transferred amount represented only a small portion of LINK's circulating supply. While the move affected market sentiment, the size of the transaction alone was unlikely to significantly alter Chainlink's long-term supply dynamics.

How did Chainlink react to the transfer news?

LINK held key support levels and rebounded from a recent low near $7.34. The token traded around $7.78 after buyers stepped in, suggesting the market absorbed the negative headline relatively well.

Why are Binance traders still bullish on Chainlink?

Binance data showed a Top Trader Long/Short Ratio of 2.61, with more than 72% of accounts positioned long. This suggests many traders expect LINK to recover despite recent price weakness and concerns about potential selling pressure.

What does the long/short ratio indicate for LINK?

A ratio above 1 indicates more traders are betting on higher prices than lower prices. However, heavily crowded long positions can increase volatility because a breakdown below support could trigger rapid liquidations.

What are the key support and resistance levels for Chainlink?

The main support zone currently sits between approximately $7.34 and $7.95. Resistance is located near $9.80, while a more significant barrier remains around $10.85.

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Chainlink shrugs off sell-off fears after transfer

Written by Isaac FrancisPublished Jun 12, 2026, 3:41 AM

Chainlink remained resilient after the US government transferred 98,590 LINK tokens worth about $768,000 to Coinbase Prime from wallets associated with seized FTX Alameda assets, raising concerns about potential selling pressure.

The transfer attracted market attention because Coinbase Prime is commonly used for institutional trading activity, although the amount represented only a small fraction of LINK's circulating supply.

Despite the concerns, Binance traders maintained a bullish outlook, with the platform's Top Trader Long/Short Ratio reaching 2.61 and more than 72% of accounts holding long positions.

LINK was trading near $7.78 after rebounding from a June low of around $7.34, with buyers successfully defending a key support zone that previously marked the lower boundary of a multi-month trading range.

Derivatives data showed short sellers coming under pressure, with approximately $57,270 in short liquidations compared with only about $5,040 in long liquidations during the latest trading session.

Binance accounted for the largest share of short liquidations at roughly $38,350, suggesting bearish traders were caught offside as LINK attempted to recover from recent lows.

Technical indicators also showed signs of stabilisation, with the Relative Strength Index rising to 35.70 from near oversold levels, while traders continue to watch whether LINK can reclaim support around $7.95 and potentially target resistance levels near $9.80 and $10.85.

At the time of reporting, Chainlink price was $7.88.

Chainlink shrugs off sell-off fears after transfer

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