An unidentified whale has deposited another 620,420 Chainlink ($LINK) tokens, worth about $7.6 million, into Coinbase, according to on-chain monitoring data published on September 7. The tran
An unidentified whale has deposited another 620,420 Chainlink ($LINK) tokens, worth about $7.6 million, into Coinbase, according to on-chain monitoring data published on September 7. The transaction was flagged by Onchain Lens, with the funds traced to wallet address 0xF5B007a6341AcC8CfEC581d8A1c5560bC19d9650.
Over the past three weeks, the same whale has transferred approximately 2.41 million $LINK to Coinbase, with cumulative deposits worth about $26.04 million at current valuations. The wallet previously accumulated the deposited $LINK from Binance before routing tokens toward Coinbase. That accumulation phase saw the holder build a position at an average price of around $8.40 per token.
Exchange deposits can precede sales, but blockchain records cannot confirm whether transferred tokens were sold. Large exchange transfers can still affect trader expectations before any tokens are sold. Market participants may reduce exposure when they interpret a deposit as potential supply, and that reaction can create volatility even when the wallet's actual purpose remains unknown.
The address has not been identified as belonging to Chainlink Labs, the Chainlink Foundation, or a known project treasury.
The move comes as $LINK has been trading at elevated levels relative to earlier in the year. $LINK traded near $13.07 on Sept. 7, up approximately 7.1% during the session. That rally follows a broader recovery, with the token climbing from about $8.30 to nearly $12.50 in late August before buyers began taking profits.
For broader context, Chainlink's Cross-Chain Interoperability Protocol processed $4.9 billion in volume during the second quarter, up 353% from the same period a year earlier, according to figures cited by Standard Chartered. The bank also estimated that Chainlink secured more than $110 billion in value across oracle feeds and cross-chain services.
For now, market watchers will monitor whether the deposited tokens leave Coinbase through subsequent transactions, which would provide a clearer indication of the whale's intentions.
Sources:Chainlink whale sends $7.6m in LINK to Coinbase — Crypto.newsChainlink LINK Price Prediction for September 2026 — Bitcoin Ethereum News