Crypto market maker GSR appears to be offloading a significant position in Chainlink's native token, according to on-chain data flagged by @OnchainLens. The transfers, directed to the @Binanc
Crypto market maker GSR appears to be offloading a significant position in Chainlink's native token, according to on-chain data flagged by @OnchainLens. The transfers, directed to the @Binance exchange, have totalled roughly $8.25 million in under 48 hours.
According to @OnchainLens monitoring, GSR sent 303,010 $LINK, worth approximately $4.29 million, to Binance after receiving the tokens from a Gnosis Safe. That followed an earlier batch: two days prior, the same wallet sent 275,000 $LINK worth $3.96 million to Binance.Over the two-day window, a total of 578,010 $LINK, valued at around $8.25 million, has been sent to Binance.
Routing tokens to a centralised exchange is widely read as a precursor to selling, since holders typically deposit assets on-exchange when they intend to liquidate. GSR, one of the more prominent institutional market makers in crypto, has not publicly commented on the move.
Founded in 2017, Chainlink is the industry-standard oracle platform bringing capital markets on-chain and is the market leader powering the majority of decentralised finance.The project stands to benefit from emerging trends such as stablecoin adoption, real-world asset tokenisation, and institutional blockchain adoption, with the $LINK token used to pay for platform services and secure the network.
This is not the first time GSR has been linked to notable $LINK movements. Earlier this year, a major cryptocurrency holder reportedly sold 441,000 $LINK tokens through GSR Markets, incurring an estimated loss of $1.77 million.The funds involved had originally been withdrawn from Binance between June and October 2024 at an average price of $12.70 per token.
The latest transfers add fresh selling pressure to a token that has had a mixed year. $LINK is trading near $14.40 as of early October 2026, with a market capitalisation of approximately $10.8 billion and a circulating supply close to 748 million tokens. Watchers will be monitoring whether the GSR transfers translate into sustained downward price action or are absorbed by the market.
Sources:PANews: GSR sends 578,000 LINK to Binance in two days, worth about $8.25 millionChainCatcher: Data: GSR sent 578,000 LINK to Binance within two days, approximately 8.25 million USDCoinMarketCap: Chainlink (LINK) Overview
