- Chainlink’s exchange supply ratio gradually rose to a one-month high as wallet profitability climbed
- Open interest surged to its highest level since April too
November delivered significant gains for most altcoins, including Chainlink (LINK), with the crypto trading at $18.63 at press time. In fact, after gaining by around 5% in the last 24 hours alone, LINK’s monthly gains have now surpassed 52% on the charts.
These gains seem to have stirred profit-taking activities, with the same highlighted by the rising exchange supply ratio. Data from CryptoQuant revealed a gradual uptick in this metric to a monthly high of 0.161.
(Source: CryptoQuant)
When this ratio rises, it points to an increase in LINK tokens being sent to exchanges – A sign of rising sell-side pressure. This can be a bearish sign, especially if there is no uptick in buying activity to absorb the sold coins.
Here, it’s worth pointing out that the hike in the exchange supply ratio coincided with rising wallet profitability. According to IntoTheBlock, 64% of LINK holders are now in profit – A significant jump from 36% towards the beginning of November.
At the same time, wallets in losses dropped from 59% to 29%.
