On-chain data shows that a giant whale address that has been hoarding LINK since August 15 has just transferred all of its 1.294 million LINK, worth over 30 million dollars, to Coinbase. If this move is eventually sold, it is expected to incur a loss of 570,000 dollars.

This guy was recently on a buying spree, and today he seems to be cutting losses and leaving the market, highlighting the fragility of market sentiment. LINK's price has been sluggish lately, and this massive potential selling pressure is undoubtedly adding insult to injury.

This could either be the whale succumbing to pressure and choosing to cut losses, or it could be a maneuver for other purposes. But in any case, with such a large amount of chips being thrown into the market, short-term traders should fasten their seatbelts, as the road ahead may not be pleasant.