Bitvavo moves 3.89M LINK from Coinbase to cold wallet

Bitvavo-linked wallet moved 3.89M LINK (~$32.59M) off Coinbase Prime to a fresh address. Price held near $8.33. Volume didn’t spike.

The wallet was inactive before the transfer. That points to cold storage or pre-staking setup. LINK trades near $8.33–$8.34, -0.5% day, +5% week, per CoinGecko.

No exchange outflow effect on volume. Daily turnover sits at $153M, per CoinGecko. That hints at accumulation, not imminent sell pressure.

Institutions show more interest in Chainlink’s CCIP. The move lands amid that backdrop, raising market-significance questions. Source: Onchain Lens post.

Key levels for investors:
- Support: $7.80–$8.00. Buyers defended two pullbacks.
- Resistance: $9.00–$9.50. No daily close above $9 in recent weeks.

Setups:
- Bull: Exchange withdrawals plus institutional flows tighten float and push a $9 test if broader risk improves.
- Base: Range holds at $8.00–$8.80 while the market digests on-chain moves.
- Bear: Weak risk appetite drags to $7.40–$7.60. Longer-term watch: $10 reclaim, per Coinspeaker.

Price of LINK: $8.33–$8.34 today. Seven-day +5% contrasts with flat-to-negative alt market, per CoinGecko.

Note: The article’s latter section contains promotional content for a presale token and is not relevant to LINK’s on-chain flows or price structure.