How does a business have a link back where I can't see the anchor text?

[Byron_Bay_Gifts]

So, I'm running competitor websites through Open Site Explorer and following the link from Moz to where their link is coming from. It has the anchor text 'Christmas Gifts'. When I go to that page there is no mention of this anchor text. No mention of that persons website. No display ad's that could be providing that link.

How is this link pointing to their page?

[emilslv]

Maybe they removed that link recently and OSE hasn't got those changes. Check that page in web archive or something similar. Maybe then you can see it. I have seen same in my niche

[matt.nails]

Byron,

I am not sure, but i think if the link is in an image, the alt text becomes the "text."

Matt