The latest data shows that the institutions and whales are collecting more than more $LINK tokens. As per Lookonchain, a prominent on-chain analytics provider, the respective whales and institutions have redeemed up to 6.72M $LINK coins from the well-known crypto exchange Binance. The on-chain analytics firm took to social media to offer insights into this development.
Whales/institutions continue to accumulate $LINK!A total of 90 fresh wallets withdrew ~6.72 $LINK(86.7M) from #Binance recently!https://t.co/W6JaoFM1zShttps://t.co/6Scx8SLtNl pic.twitter.com/m2eqwKvnYE
— Lookonchain (@lookonchain) July 7, 2024
Institutions and Whales Keep on Amassing $LINK Tokens
In its latest X post, the analytics company noted that 90 wallets withdrew the respective tokens. According to Lookonchain, all of the respective wallets are newly developed. The 6.72 million coins equal an amount of up to $86.7 million. This massive accumulation activity denotes the heightening confidence and interest of large-scale investors in Chainlink’s ecosystem.
The Big Investors Likely Do This to Enhance Security, Staking Opportunities, or DeFi Participation
The shift of $LINK in such a large amount from Binance to such wallets suggests a strategic accrual by investors. These investors reportedly have faith in the long-term potential of the platform in terms of its ecosystem and technology. With the transaction of the $LINK coins, the investors’ target might be the enhancement of security. They might also be readying to leverage decentralized finance participation, staking opportunities, and so on.
The current accumulation aligns with the wider market behavior, with expert investors often expanding their holdings when the market consolidates. This takes place before the expected positive developments. The strategic plans of such big holders could likely sway the market dynamics and increase investment and interest in Chainlink.