2024

Million

Chainlink

Spot

<ul>
 <li>BlockFi transferred nearly $50 million in digital assets, including 2.4 million Chainlink (LINK) tokens, to Kraken.</li>
 <li>The move involves significant amounts of other tokens like UNI, AVAX, and MATIC, indicating a broad liquidation strategy.</li>
 <li>Following bankruptcy, BlockFi received court approval to start client repayments.</li>
</ul>
<p>BlockFi reportedly transferred nearly $50 million worth of digital assets, including a sizable <a href="https://thenewscrypto.com/?s=chainlink" target="_blank" rel="noopener noreferrer nofollow">Chainlink</a> (LINK) position, to leading exchange Kraken. The 2.4 million LINK tokens shifted, worth over $48.37 million, have sparked discussion around the potential price impact ahead.</p>
<p>On-chain monitor EmberCN <a href="https://twitter.com/EmberCN/status/1760146299830337929" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that alongside tokens like UNI, AVAX, and MATIC, Bankrupt BlockFi moved its mammoth LINK holdings to Kraken in recent days – likely a step in the liquidation process as its bankruptcy case continues unfolding.</p>
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   <p lang="zh" dir="ltr">破产加密借贷平台 <a href="https://twitter.com/BlockFi?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BlockFi</a> 在 7 小时前将价值 $48.37M 的 17 种代币转入 Kraken，其中最主要的为 2,402,945 LINK($46.5M)。<br><br>BlockFi 转入 Kraken 代币价值前四：<br>2,402,945 LINK($46.5M)；<br>90,993 UNI($0.68M)；<br>16,570 AVAX($0.63M)；<br>468,506 MATIC($0.47M)。 <a href="https://t.co/s6j1DxuQmr" rel="noopener noreferrer nofollow">pic.twitter.com/s6j1DxuQmr</a></p>— 余烬 (@EmberCN) <a href="https://twitter.com/EmberCN/status/1760146299830337929?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
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<p>BlockFi gained court approval last September to initiate client repayments under its restructuring plan. It announced re-opening withdrawal services for some customers in October, signaling early progress in restoring normal operations post-bankruptcy.</p>
<h2 class="wp-block-heading" id="h-massive-chainlink-offloading-could-affect-chainlink">Massive Chainlink offloading could affect Chainlink</h2>
<p>With the firm liquidating crypto inventory to fund user repayments, observers now debate how unloading such vast LINK sums could affect its often-volatile price. The situation grows more complex with some crypto whales, like Spot On Chain’s <a href="https://platform.spotonchain.com/en/signal-details/whale-is-back-to-withdrawing-link-from-binance-31849" target="_blank" rel="noopener noreferrer nofollow">identified</a> 0x7d2 address, withdrawing LINK simultaneously rather than selling.</p>
<p>The whale recently pulled another $3.67 million worth of tokens off Binance – part of an ongoing accumulation cycle since late January 2024. After gathering about $16 million in LINK sub-$17 initially, it sold batches around $19.50 this month to book profits. Its renewed interest despite price weakness indicates long-term conviction.</p>
<p>On the charts, LINK trades at a critical technical junction, testing support along the lower boundary of its bearish descending channel in play since September 2022. A breakdown below this trendline risks accelerating losses. But a reactive bounce could spark a rally back towards the upper $19.70 resistance.</p>
<p>With conflicting forces tussling over its trend right now, LINK’s next direction seems highly uncertain. Market analysts like LinkSpartan advise caution, however, warning that the high-flying crypto market looks susceptible to a correction as buyers lose momentum.</p>

BlockFi Transfers $50 Million in Crypto, Including 2.4 Million Chainlink (LINK)

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