John Mueller said in a webmaster hangout on YouTube that the anchor text of a link is more important than the text around the link.
“[The text around a link is] secondary, like that really strong piece of context from the anchor text that’s missing in that case. And then small things around the side that does help us a little bit […]
[Page content is] something we do definitely take into account but it’s very secondary. […] The anchor text is really the primary thing.”
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