Chainlink whales have significantly increased their LINK holdings. This comes after a noticeable reduction in the token’s balance on crypto exchanges, indicating heightened bullish sentiment.

On-chain data provider Santiment revealed that the largest 200 LINK wallets have recently boosted their holdings by more than $50 million. These addresses have cumulatively amassed 746.57 million LINK tokens, valued at approximately $11.84 billion.

Chainlink Whales Go on Buying Spree

This accumulation spree coincided with a notable decrease in LINK’s balance on exchanges. Usually, a falling exchange balance is seen as a bullish signal, suggesting a shift towards long-term holding and less selling pressure.

On-chain data confirms that LINK’s supply on exchanges has plummeted to around 102 million LINK tokens, the lowest point in over a year.

Additionally, Chainlink’s staking v0.2 upgrade has driven new interest in the ecosystem. Data shows that users have staked nearly 20 million LINK tokens out of the 40.87 million limit.

Read more: Chainlink (LINK) Price Prediction 2023/2025/2030

These metrics, combined with

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Author: Oluwapelumi Adejumo

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