Mysterious Chainlink Whales Generate $167M in Link Withdrawals from Binance

The broader market showed signs of recovery after intense selling pressure fueled by the German government’s decision to dump all its reserves, with prominent altcoins including Chainlink (LINK) posting notable gains.

Also fueling this bullish narrative are several unknown entities, likely a whale or an institutional investor, who have continued to add LINK tokens to their depository.

LINK Accumulation

The latest data shared by Lookonchain suggests that 93 newly created wallets have collectively withdrawn 12.75 million LINK tokens, valued at approximately $167 million, from Binance since June 24, 2024.

This large-scale build-up over the past three weeks hints at the strategic positioning of a major market player, which may indicate bullish sentiment for LINK.

A similar analysis by popular crypto analyst Ali Martinez also revealed that whales have bought over 10 million LINK in the last two weeks alone, worth almost $120 million.

IntoTheBlock also highlighted a significant trend in net LINK exchange flows, which have been negative for the past two weeks. Approximately $110 million worth of LINK has been withdrawn during this period, a trend often associated with an accumulation phase, suggesting that investors are moving LINK from exchanges to long-term holdings .

This behavior indicates growing confidence in LINK’s prospects, as holders tend to pull assets out of exchanges when they intend to hold them for extended periods. This build-up phase aligns with broader market sentiment, hinting at possible bullish developments for LINK in the near future.

What’s next for LINK?

LINK is also showing signs of bullish momentum along with the broader crypto market. The asset rose nearly 5% and was currently trading at $13.85.

Experts now view LINK with increased optimism, suggesting that it has broken its support level and is now ready for a reversal. They predict a final target range of $19 to $22, highlighting the potential for a significant upside move.

LINK has been observed to have maintained a strong multi-year uptrend and analysts believe that current conditions are setting the stage for a new bull cycle. This bullish outlook is fueled by the recent whale rally and overall market sentiment, indicating that LINK may be on the cusp of a notable price rally.

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