The broader market exhibited signs of recovery following intense sell pressure fueled by the German government’s decision to dump its entire reserves, and prominent altcoins, including Chainlink (LINK), recorded notable surges.
Further fueling this bullish narrative are several unknown entities, likely a whale or an institutional investor, who have continued to add LINK tokens to their stash.
LINK Accumulation
The latest data shared by Lookonchain suggests that 93 newly created wallets have collectively withdrawn a staggering 12.75 million LINK tokens, valued at approximately $167 million, from Binance since June 24, 2024.
This large-scale accumulation over the past three weeks hints at strategic positioning by a significant market player, potentially indicating bullish sentiment for LINK.
A similar analysis by popular crypto analyst Ali Martinez also revealed that whales have purchased more than 10 million LINK in the last two weeks alone, which is worth almost $120 million.
IntoTheBlock also highlighted a significant trend in LINK exchange netflows, which have been negative for the past two weeks. Approximately $110 million worth of LINK has been withdrawn from exchanges during this period – a trend that is often associated with an accumulation phase, suggesting investors are transferring LINK off exchanges into long-term holdings.
Such behavior indicates growing confidence in LINK’s prospects, as holders typically move assets off exchanges when they intend to hold them for extended periods. This accumulation phase aligns with the broader market sentiment, hinting at potential 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 was up by almost 5% and was currently trading at $13.85.
Experts are now eyeing LINK with heightened optimism, suggesting that it has broken down its support level and is now primed for a reversal. They predict an ultimate target range of $19 to $22, highlighting the potential for significant upward movement.
LINK was observed to have maintained a strong multi-year uptrend, and analysts believe the current conditions are setting the stage for a new bullish cycle. This positive outlook is boosted by recent whale accumulation and overall market sentiment, indicating that LINK may be on the cusp of a notable price surge.
The post Mysterious Chainlink Whales Drive $167M LINK Withdrawals from Binance appeared first on CryptoPotato.
