Chainlink Bearish: Whales Deposit $350M In LINK To Exchanges
Bitcoinist
18 Sep 2023 3:00 PM
On-chain data shows the Chainlink whales have deposited $350 million of the asset into exchanges, a sign that could be bearish for LINK's price....
- Chainlink whales have deposited $350 million worth of LINK into exchanges, indicating a potential bearish sign for the price.
- The large transactions volume on the Chainlink network has seen a recent spike, suggesting increased activity from whales and institutional investors.
- High values of this metric indicate active movement of tokens by large players in the market, while low values suggest they are on standby.
- The recent spike in large transaction volume saw nearly 52.3 million LINK moved in a single day towards centralized exchanges.
- Deposits to exchanges could indicate a potential selloff by whales.
- Despite the deposits, Chainlink's price has experienced an 8% surge, breaking the $6.7 mark.
The article discusses the recent activity of Chainlink whales depositing $350 million worth of LINK into exchanges. While this could be seen as a bearish sign for the price, the sentiment is somewhat mixed as the price of Chainlink has actually surged by 8% in the past day.
You May Ask
What does the large transactions volume metric on the Chainlink network measure?Who are the main investors that make large transactions regularly?What does it mean when the large transactions volume is high?What does it imply when whales deposit their coins into centralized exchanges?How has the price of Chainlink been affected by the recent whale deposits?