Whale Moves 304,700 LINK to Binance at Significant Loss

Whale Moves 304,700 LINK to Binance at Significant Loss

A newly created wallet withdrew 276,000 LINK worth nearly $5 million from Binance, expanding its holdings to over $28 million amid continued large-scale crypto whale movements.

ETH
LINK

Fact Check
The assessment is "likely_true" with high confidence based on strong, consistent evidence from multiple credible sources, particularly one high-authority source that corroborates the entire statement.The statement consists of two key claims: 1) the transfer of 304,700 LINK to Binance, and 2) the transfer resulting in a financial loss.The first claim is strongly supported by a consensus among several sources. A highly authoritative data aggregator (CoinGecko), along with crypto news outlets (Blockchain.news, BlockBeats, and Unchained Crypto), all confirm that a large whale entity transferred LINK tokens to Binance. Three of these sources specify the exact amount of 304,700 LINK.The second claim, regarding the financial loss, is explicitly confirmed by the most authoritative and relevant source, CoinGecko. This source not only states that the transaction was made "at a loss" but also quantifies the loss at $2.32 million. The specificity of this data from a reputable aggregator lends it significant weight.While other sources confirming the transfer do not mention the financial outcome, this is an omission rather than a contradiction. The absence of contradictory evidence is notable. Sources that appear to present conflicting information are irrelevant to this specific transaction, as they describe opposite actions (a withdrawal from Binance instead of a deposit), different token amounts, or general market movements (whales accumulating) that do not preclude this specific whale's action.Low-authority sources like user-generated posts on Binance Square and Reddit are disregarded due to their lack of credibility. In conclusion, the convergence of evidence for the transfer, combined with the definitive confirmation of the financial loss from a top-tier data source, makes the statement highly probable.
Summary

On October 25, Onchain Lens reported that a newly created wallet withdrew 276,000 LINK valued at about $4.95 million from Binance, increasing its total holdings to 1.619 million LINK worth approximately $28.99 million. This occurred alongside other notable whale transactions the same month, including large ETH transfers to Binance at significant losses and previous Chainlink sales that resulted in multimillion-dollar losses. These movements reflect ongoing volatility and the substantial market impact of whale activity in cryptocurrency markets.

Terms & Concepts
  • Whale: A term used in cryptocurrency markets to describe individuals or entities holding large amounts of a specific crypto asset, whose trades can impact market prices.
  • Ethereum (ETH): A decentralized blockchain platform featuring smart contract functionality and its native cryptocurrency, Ether, used for transactions and network operation costs.
  • Return on Investment (ROI): A financial metric used to measure the profitability or loss of an investment, expressed as a percentage of the original investment amount.