- Whale investors have withdrawn 6.71 million LINK from Binance, signaling continued accumulation.
- Umami Finance integrates Chainlink Data Streams to enhance liquidity provider experience on Avalanche.
Though it is currently declining, investors view the crypto market differently, not always negatively. Some actually find it by chance.
The on-chain smart money platform Lookonchain has underlined in a recent tweet the most recent actions by multiple whale investors, or institutions, to accumulate significant Chainlink (LINK) tokens. From the crypto exchange Binance, 90 wallets in all have withdrew around 6.71 million LINK, worth $86.72 million.
Whales/institutions continue to accumulate $LINK!
A total of 90 fresh wallets withdrew ~6.72 $LINK(86.7M) from #Binance recently!https://t.co/W6JaoFM1zShttps://t.co/6Scx8SLtNl pic.twitter.com/m2eqwKvnYE
— Lookonchain (@lookonchain) July 7, 2024
Not the First Major LINK Purchase in July
This current massive LINK buildup is not a one-off occurrence. Whale investors made major purchases earlier in the month, on July 2nd. About 54 wallets obtained 2.07 million LINK tokens at that time, worth $30.27 million.
Meanwhile, data from CoinMarketCap shows LINK’s price at the time of writing is $12.63, having decreased 1.83% over the last 24 hours. With a total loss of 9.54%, this fall shows a bearish tendency over the past seven days.
Previously, CNF also reported how Umami Finance used Chainlink Data Streams to improve the Avalanche network liquidity provider experience. This action is expected to provide the given data to liquidity providers better dependability and efficiency.
Though the crypto market has a downward tendency, the build-up of LINK by whale investors points to a long-term positive future for the currency. Moreover, the way Chainlink’s technology is integrated into other platforms shows its increasing relevance and future expansion possibilities.
Although the short-term market conditions seem difficult, the strategic actions taken by institutional investors and continuous technical integrations show Chainlink’s bright future. Let’s see.
