A wallet built for the US government holding FTX Chainlink assets moved 98,590 Chainlink (LINK) tokens, worth $768,000, to Coinbase Prime on Wednesday, reviving speculation about a possible sale.
Blockchain proponents announced that they were booked within minutes. However, on-chain data alone does not guarantee that the tokens will go to the open market.
Why Catch FTX Chainlink Transfer Issues
On-chain tracker Lookonchain images first report on the movement, and follow the news Solid Intel known the same part.
Arkham lists a shipping address under their US government and has listed previous shipments from the same company.
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The money comes from assets acquired after FTX and Alameda Research collapsed in November 2022.
A federal judge later ordered Sam Bankman-Fried to pay $11 billion in damages after his fraud convictionand restitution for victim compensation.
The US Marshals Service appointed Coinbase Prime in July 2024 to store and sell its digital assets.
“After a thorough process, the US Marshals Service (USMS), part of the United States Department of Justice, has chosen Coinbase Prime as its partner to secure and sell its “Class 1″ (large cap) assets,” read it News in 2024 Coinbase blog.
Therefore, deposits on the platform often lead to changes in savings, sales transactions, or withdrawals.
The organization has managed to dominate the crypto market for over a decade, starting with its own to sell of 30,000 Silk Road bitcoins in 2014.
In the past, it preferred regular sales over the dumping ground in the market.
The sale also adds a plan for already handled altcoin transfers including Uniswap (UNI), Render (RNDR), Ethereum (ETH), and The Sandbox (SAND), including fixed income.
Meanwhile, the FTX site continues to return customers, and its own the fourth to distribute the tenant bringing in $2.2 billion in March.
Researchers See Low Risk of LINK Trading
Chainlink’s current price is around $7.66, down 2% in the last 24 hours. The token has a market capitalization of $5.57 billion and ranks 21st among cryptocurrencies.
The amount transferred is less than 0.4% of LINK’s $225 million daily turnover. It also represents about 0.01% of the 727 million tokens in circulation.
Therefore, even a real sale may not move the market capitalization.
Sentiment surrounding the token remains cautious after a 27% slide in the past 30 days. LINK has also lost 49% over the past year, leaving investors on the lookout for new signals.
In contrast, Chainlink’s ETF stock price history it shows that the need for institutions may take less government money in the long run.
Whether the tokens are heading to the trading desk or to prison should become clear in the coming days.
The next wallet of the wallet will reveal if the interest rate shows a permanent management or the beginning of the withdrawal.
Until then, the fear of sales seems bigger than the numbers behind them.
A note US Government Moves $768,000 Holding FTX Tokens, Sparks Chainlink Sell-Off Fears appeared for the first time BeInCrypto.
