Chainlink Whales Drive Price Action Amid Institutional Silence
Chainlink's price action has been influenced by retailers and whales in recent times. The altcoin's trading activity is around $215 million, with a volume-to-market-cap ratio at 3.36%. This indicates normal trading activity and fair liquidity.
A whale has been accumulating Chainlink tokens from the Binance exchange over the past month. Their buys have constituted orders worth hundreds of thousands. The last buy was made three weeks ago, with 18.748K LINK tokens worth $151.486K. This brought their entire stack to 266.4144K LINK, now worth $2.153 million.
The whale's balance was moved to the Gnosis Safe multisig wallet, indicating a long-term accumulation. Another whale purchased 163.494K tokens valued at $1.37 million from Coinbase. Their holdings are now 2.413 million LINK, costing $20.15 million.
These whales continue to hunt for more of the circulating supply, indicating serious conviction. They reinforce the demand created by Chainlink Reserve, which added 706K LINK in July. However, there was zero activity from the spot Chainlink ETFs.