Whales Invest in $8.8 Billion Altcoin That Has Been Falling for a Month

Large-scale altcoin investors may be expecting a rise in the price of the oracle project Chainlink (LINK).

According to information provided by the blockchain analysis platform Lookonchain, whales and institutional investors have started to grow their Chainlink (LINK) baskets in the last month.

According to Lookonchain data, 54 newly opened blockchain addresses purchased LINK worth a total of $30.28 million in the past few weeks.

The biggest purchase, with $2 million, was made from the OKX exchange, address “0x9dD3”. It was followed by "0x3B68F", which purchased from Binance with $1.95 million. According to Etherscan data, there is no other cryptocurrency in these wallets except LINK.

While whales are collecting LINK, the altcoin price is decreasing. According to CoinGecko data, LINK has lost 21.6% of its value in the last 30 days.

According to current insights, the MVRV indicator, which shows the difference between Chainlink's Market Value and Realized Market Value, has fallen below 1.

According to CryptoQuant data, this indicates that the LINK price is likely to have bottomed. In such cases, investors can evaluate long position opportunities by examining other indicators.