Data from on-chain analytics platforms suggests that whales are eyeing two altcoins, namely Chainlink (LINK) and Maker (MKR).
There has been a downward trend in Bitcoin (BTC) dominance for about a month. However, the price of BTC has not fallen significantly. This suggests that whales are shifting their funds from BTC to altcoins.
Will Chainlink (LINK) become whales’ favorite altcoin again?
Data from Spotonchain shows that one whale wallet, 0x8ead, withdrew 136,146 LINK worth about $2.05 million from Binance on Wednesday. The platform further reveals that whales have withdrawn a total of 348,007 LINK worth $5.58 million over the past nine days.
Finally, the screenshot below confirms that there has been a significant accumulation of whales on Chainlink. In the last 24 hours, the LINK balance on centralized exchanges has decreased by 175,090 tokens. Meanwhile, the balance has dropped by at least 400,000 LINK tokens in the last seven days.
Read more: How to buy Chainlink (LINK) and everything you need to know
Chainlink Netflows. Source: IntoTheBlock
Chainlink (LINK) was one of the frontrunners during the bull rally that began in October 2023. However, for over a month, LINK's price has been consolidating roughly between $13.6 and $16.6.
Will Renewed Whale Interest Spark a New Rally for LINK?
Fresh Wallet withdrew $4.6 million worth of MKR
A freshly created wallet, 0xe68e, withdrew 3,150 MKR tokens from Binance on Wednesday. According to the current market price, the tokens cost around $4.6 million.
Based on the seven-day time frame, the screenshot below shows that the MKR balance on centralized exchanges decreased by 2130 tokens. However, in the last 24 hours, the balance on centralized exchanges has increased by over 2,000 tokens.
The negative net flow suggests that the supply of tokens on centralized exchanges is decreasing and selling pressure will eventually subside. On the other hand, a positive net inflow suggests that there may be more supply waiting to be sold in the markets.
Read more: 8 Best On-Chain Analytics Tools in 2023
Do you have anything to say about whales accumulating altcoins or anything else? Write to us or join the discussion on our Telegram channel. You can also see us on TikTok, Facebook or X (Twitter).
For the latest version of BeInCrypto Bitcoin (BTC) analysis, Click here.
Disclaimer
In accordance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. The aim of this news article is to provide accurate and up-to-date information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy and Disclaimers have been updated.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.