Chainlinkās LINK token has surged 38% since late January, propelling it to a 24-month peak, with its market cap reaching $10 billion. This came as crypto whales accumulated over $50 million worth of tokens within the past several days.
Separately, data from Glassnode charts indicates that approximately $75 million worth of LINK has flowed onto cryptocurrency trading platforms since February 1st, resulting in a surge in its exchange balance to approximately 120 million tokens.
A mysterious whale has recently been accumulating Chainlink (LINK), according to Lookonchain. The unidentified entity, potentially an institutional player, has withdrawn 2.7 million LINK tokens from the cryptocurrency exchange Binance using 49 new wallets.
One of the whaleās wallets has transferred over $9 million worth of LINK tokens from the exchange within the past ten days. The Lookonchainās public database reveals that these wallets hold varying amounts of LINK, ranging from $230,000 to $3.5 million each.
Meanwhile, there has been a notable increase in the activity of previously dormant wallets, leading to a record spike in the āAge Consumedā metric. Santiment suggests that the sudden circulation of old LINK tokens has contributed to the recent price surge.
The rise in LINKās price has coincided with a significant uptick in its open interest (OI) in the derivatives market. As of February 6, the total value of outstanding derivative contracts for LINK reached a record high of $592.29 million.
Moreover, LINKās funding rate remains positive, indicating bullish market sentiment and a higher demand for long positions. Traders increasingly leverage their positions to go long with LINKās open interest surge.
While this strategy can potentially amplify profits in a rising market, it also poses a heightened risk of liquidation in a potential downturn.
Amid these market dynamics, thereās been a significant increase in the adoption of Chainlinkās Cross-Chain Interoperability Protocol (CCIP) technology for tokenizing real-world assets (RWA).
Last December, the blockchain network announced its intention to bridge the gap between traditional finance and blockchain technology through RWA, highlighting that the RWA sector will represent a $16 trillion business opportunity by 2030.
Consequently, the network has actively pursued partnerships with various traditional firms, including the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming giant Wemade, and the New Zealand Banking Group. Additionally, it has achieved notable integrations with blockchain projects such as Base and Circleās USDC stablecoin.
The post Chainlink (LINK) Soared to 2-Year Peak as Whale Activity Surges appeared first on CryptoPotato.
Separately, data from Glassnode charts indicates that approximately $75 million worth of LINK has flowed onto cryptocurrency trading platforms since February 1st, resulting in a surge in its exchange balance to approximately 120 million tokens.
Whale Moves Millions in LINK Tokens
A mysterious whale has recently been accumulating Chainlink (LINK), according to Lookonchain. The unidentified entity, potentially an institutional player, has withdrawn 2.7 million LINK tokens from the cryptocurrency exchange Binance using 49 new wallets.
One of the whaleās wallets has transferred over $9 million worth of LINK tokens from the exchange within the past ten days. The Lookonchainās public database reveals that these wallets hold varying amounts of LINK, ranging from $230,000 to $3.5 million each.
Meanwhile, there has been a notable increase in the activity of previously dormant wallets, leading to a record spike in the āAge Consumedā metric. Santiment suggests that the sudden circulation of old LINK tokens has contributed to the recent price surge.
The rise in LINKās price has coincided with a significant uptick in its open interest (OI) in the derivatives market. As of February 6, the total value of outstanding derivative contracts for LINK reached a record high of $592.29 million.
Moreover, LINKās funding rate remains positive, indicating bullish market sentiment and a higher demand for long positions. Traders increasingly leverage their positions to go long with LINKās open interest surge.
While this strategy can potentially amplify profits in a rising market, it also poses a heightened risk of liquidation in a potential downturn.
Chainlink Experiences Increased Adoption
Amid these market dynamics, thereās been a significant increase in the adoption of Chainlinkās Cross-Chain Interoperability Protocol (CCIP) technology for tokenizing real-world assets (RWA).
Last December, the blockchain network announced its intention to bridge the gap between traditional finance and blockchain technology through RWA, highlighting that the RWA sector will represent a $16 trillion business opportunity by 2030.
Consequently, the network has actively pursued partnerships with various traditional firms, including the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming giant Wemade, and the New Zealand Banking Group. Additionally, it has achieved notable integrations with blockchain projects such as Base and Circleās USDC stablecoin.
The post Chainlink (LINK) Soared to 2-Year Peak as Whale Activity Surges appeared first on CryptoPotato.
![[DK]](/data/avatars/s/57/57999.jpg?1720990206){kind=avatar}
