Chainlink Whales Increase Holdings as Exchange Balance Decreases
Recent data from on-chain provider Santiment shows that the top 200 Chainlink (LINK) wallets have collectively accumulated over $50 million worth of LINK tokens. This increase in holdings indicates a bullish sentiment among Chainlink whales. These wallets now hold a total of 746.57 million LINK tokens, valued at approximately $11.84 billion.
Chainlink Whales Go on Buying Spree
This accumulation spree by Chainlink whales coincides with a significant decrease in LINK’s balance on exchanges. A declining exchange balance is often seen as a positive sign, suggesting a shift towards long-term holding and reduced selling pressure. The supply of LINK tokens on exchanges has dropped to its lowest point in over a year, currently standing at around 102 million LINK tokens.
Staking Upgrade and Positive Sentiments Drive Price Growth
In addition to the increased whale activity, the recent staking v0.2 upgrade for Chainlink has generated new interest in the ecosystem. Users have already staked nearly 20 million out of the available 40.87 million LINK tokens. These positive metrics, combined with the overall positive market sentiments, have contributed to LINK’s impressive price growth. Compared to Bitcoin’s 139% increase, Chainlink has experienced a remarkable 189% price growth year-to-date.
Error Spotted in Chainlink’s Price Feed
Silo Labs reported an error in Chainlink’s wsETH/ETH price feed on Arbitrum, resulting in the liquidation of five positions. The error was caused by two significant trades executed on Balancer v2, which affected the VWAP calculation on Arbitrum. Silo Labs assured users that this isolated incident poses no systemic risk and pledged to reimburse affected users for any penalties incurred.
Hot Take: Chainlink Whales Bullish as LINK Price Continues to Surge
Chainlink whales have been actively increasing their holdings, signaling a strong bullish sentiment. As the balance of LINK on exchanges decreases, indicating a shift towards long-term holding, the price of LINK has experienced significant growth. The recent staking upgrade and positive market sentiments have further contributed to this upward trend. However, an error in Chainlink’s price feed on Arbitrum caused some liquidations, highlighting the importance of accurate data in the cryptocurrency market. Overall, Chainlink continues to demonstrate its value as a leading decentralized data source and cross-chain connectivity standard.
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