Chainlink Bearish: Whales Deposit $350M In LINK To Exchanges
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.