Chainlink Whales Moved Around $150M In LINK Before Latest Surge: Data
2023年10月17日 - 6:00AM
NEWSBTC
On-chain data shows the Chainlink whales showed some high activity
right before the latest surge in the cryptocurrency took place.
Chainlink Whales Made Moves Before LINK’s 3% Surge As pointed out
by an analyst in a post on X, whales and institutional investors
have shown an increasing amount of activity recently. The relevant
indicator is the “large transactions volume” from the market
intelligence platform IntoTheBlock, which keeps track of the
aggregate volume of Chainlink transactions larger than $100,000.
Generally, the whales and institutional entities are the only
investors capable of shifting such a large amount with a single
transaction. These holders carry large balances in their wallets,
making them influential on the network. Related Reading: Crypto
Shorts See Carnage As Bitcoin Surges Towards $28,000 When the value
of this metric is high, it means that these humongous investors are
moving around large amounts right now. Such a trend implies that
these investors are participating in some trading activity.
However, this metric alone can’t discern exactly what kind of
activity it is, as both selling and buying transactions appear the
same on the blockchain and count towards this volume. On the other
hand, when the indicator has low values, it suggests that the
whales and institutional players aren’t interested in the
cryptocurrency as they aren’t making too many moves. Now, here is a
chart that shows the trend in the Chainlink large transaction
volume over the past few weeks: The value of the metric seems to
have gone up in recent days | Source: @ali_charts on X As displayed
in the above graph, the Chainlink large transactions volume
registered a spike recently, implying that the whales had been
moving many tokens across the network. At the peak of this spike,
the whales transferred around 20.38 million LINK within 24 hours.
This stack would be worth over USD 150 million at the current
exchange rate. It’s uncertain why these humongous holders suddenly
showed so much activity, but perhaps the surrounding price action
could hint at it. This spike was seen a few days back, and since
then, Chainlink has observed some net uptrend. Thus, the timing of
the transactions could suggest two likely possibilities. These
large investors bought in anticipation of this rally (perhaps due
to some inside information), or their buying is why the price surge
found its appropriate fuel in the first place. Related Reading:
Bitcoin Price Surges 7% In 10 Minutes On Fake iShares ETF News
Either way, it’s a positive sign that the whales and institutional
investors have recently participated in potential accumulation
activity. In the coming days, this metric can be the one to keep an
eye on, as further activity from these holders could signal that
more volatile price action may be ahead. Once again, though, any
future spikes could arise from both buying and selling, so they
won’t necessarily be a bullish signal for Chainlink like this
latest one turned out to be. LINK Price At the time of writing,
Chainlink is trading around $0.74, up more than 3% in the past
week. LINK seems to have observed some overall uptrend recently |
Source: LINKUSD on TradingView Featured image from Thomas Lipke
Unsplash.com, charts from TradingView.com, IntoTheBlock.com
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