- A Chainlink whale sent 620,420 LINK worth $7.6M to Coinbase.
- LINK rose 7.1% to $13.07, despite concerns that large exchange deposits could increase selling pressure.
A large Chainlink holder has transferred another 620,420 LINK worth about $7.6 million to Coinbase. The latest transaction adds to a series of large deposits made by the same wallet over the past three weeks.
Onchain Lens reported the transaction on September 7. The wallet has now moved 2.41 million LINK valued at roughly $26.04 million to Coinbase during the period.
The transfers have attracted attention because large deposits to exchanges can increase the risk of selling. However, blockchain data does not confirm that the holder has sold any LINK.
Chainlink whale moves 2.41 million LINK
The latest deposit represents about 25.7% of the wallet’s total LINK transfers to Coinbase over the past three weeks.
CHAINLINK WHALE SENDS ANOTHER $7.6M LINK TO COINBASE
— Onchain Lens (@OnchainLens) September 7, 2026
The whale deposited another 620.42K $LINK (~$7.6M) to Coinbase.
Over the past three weeks, it has now sent 2.41M $LINK (~$26.04M) to Coinbase, which was previously accumulated from Binance.
Address:… https://t.co/tc5WD5lB5w pic.twitter.com/nEvyKb3Js3
The wallet reportedly accumulated the tokens through withdrawals from Binance before moving them toward Coinbase. This pattern suggests a shift from accumulation to exchange deposits.
Still, the identity and intentions of the wallet owner remain unknown. The address could belong to an individual investor, institution, trading firm or custody service.
A Coinbase deposit also does not necessarily mean a sale will follow. The holder could use the funds for trading, collateral, custody or other purposes.
Confirmation of a sale would require additional on-chain or exchange data.
LINK price rises despite whale activity
LINK traded near $13.07 on September 7, following a 7.1% gain during the latest session. The price moved between approximately $12.12 and $13.32 during the session. LINK has also recovered sharply from its June and July lows near $7 to $8.
Technical indicators continue to show strength. The daily MACD remained positive, with the MACD line above its signal line.
However, the RSI stood near 72.47, placing LINK above the commonly watched 70 overbought level. This does not guarantee a price decline, but it suggests that the recent rally could face increased selling pressure.
LINK needs to hold the $12 to $13 area to maintain its short-term recovery. A move below this zone could weaken the setup, while a break above recent highs could support further gains.
Chainlink adoption continues to grow
The whale transfers come as Chainlink continues to expand its blockchain infrastructure and secure new integrations.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has gained adoption among major blockchain projects and financial institutions. Aave uses CCIP for cross-chain activities, while BitGo selected it to support Wrapped Bitcoin infrastructure.
Chainlink is also working with banks on blockchain-based settlement solutions. These developments strengthen the broader adoption case for LINK, although they do not eliminate short-term selling risks from large exchange deposits.
For now, blockchain data only confirms that 620,420 LINK moved to Coinbase. It does not confirm that the whale sold the tokens.
Further transactions from the wallet and changes in Coinbase’s LINK holdings could offer more clues about the whale’s next move.
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