Chainlink (LINK) price has remained relatively flat over the past 15 months. An in-depth on-chain analysis reveals a close correlation between the ongoing Chainlink price surge and the renewed interest in crypto among TradFi’s big players. 

Around mid-June, LINK price entered a rare uptrend, which coincided with Blackrock’s initial Bitcoin ETF application on June 15. Prior to that moment, Chainlink’s (LINK) price had crashed 38% from its April 2023 peak of $8.57. 

As of July 21, Chainlink has now hit a three-month high of $8.20 amid growing global demand for seamless interoperability between DeFi and TradFi ecosystems. 

Will the renewed crypto interest among institutional investors evolve into a LINK price surge? 

Chainlink Whales Began Scooping the Dip Since June 2023

On-chain data shows that whale investors began to place big bets on LINK around June 2023. According to IntoTheBlock, Chainlink only attracted 26 Whale Transactions on May 31. 

Since then, the whales have gradually increased their trading activity, reaching 238 Large Transactions at the close of June 20. This represents a remarkable 815% surge in whales’ trading activity. 

Large Transactions aggregates the daily number of daily confirmed transactions exceeding $100,000. This provides insights into the trading activity of large institutional investors and high-net-worth holders. 

As observed above, this significant rise in Ch

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Author: Ibrahim Ajibade

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