Whale Buys $6.8M in Chainlink Amid Growing Demand
Chainlink's (LINK) recent price action has been underwhelming, failing to break above $9 despite attempts earlier this month. However, a significant whale purchase of 800K LINK from Coinbase, worth $6.8 million, has sparked renewed optimism among investors.
The buyer, who has been accumulating LINK aggressively, now holds a total of 5.315 million LINK, valued at over $44 million. This long-term holding strategy suggests confidence in the market and potential future gains.
A closer look at Chainlink's demand reveals that it has recovered to levels seen in October 2024, when LINK experienced a significant price pump from $10 to $29. However, this time around, the altcoin's Exchange Supply Ratio (ESR) has declined to a new low of 0.12, indicating seller exhaustion and a reduced incentive to sell.
While demand is high, Chainlink's price action remains sluggish, with its downside momentum still elevated. The altcoin's CMF (Commodity Futures Market) fell into negative territory, indicating that recent losses outweighed gains.