#XmasCryptoMiracles Whales have recently accumulated Chainlink (LINK); what is the goal? In the past 5 days, whales have withdrawn Chainlink (LINK) from Binance and transferred it to self-custody wallets, with a total value of about $34.1 million, equivalent to 1.37 million LINK. According to Etherscan data, these withdrawals were sent to 30 newly created wallets, with the largest wallet containing over 151,000 LINK, while the smallest withdrawal was 5,000 LINK.

The reason for these withdrawals is not clear. LINK is not only used for speculative trading but also as a utility token and can be staked to generate passive income. Holding LINK in self-custody wallets also allows users to interact with DeFi applications. Part of the LINK whale activity may aim to buy the dip and take advantage of short-term volatility. However, despite being held faithfully, the price of LINK has yet to break previous highs and maintain a range-bound pattern in a bear market. Other use cases may include new forms of staking, such as liquidity staking with additional rewards. Some free LINK tokens have been transferred into the Stake.Link priority pool.

Not a stranger to whale activity, LINK is currently attracting attention, and this accumulation phase is seen as a potential sign for a price increase. A notable whale, pleven.eth, has utilized LINK for short-term trades, earning over $200,000 in profits. This whale leverages LINK's deep liquidity, executing dip purchases and selling when prices rise. The whale's method is to use decentralized services to convert between LINK and USDT, profiting from price fluctuations.