Chainlink’s key stakeholders, those holding between 10,000 and 1 million LINK, have been in a significant accumulation phase during the recent market downturn.
Since June 24th, these stakeholders have added a substantial 9.2 million LINK to their collective holdings, representing a 4.65% increase.
🐳📈 Chainlink's key stakeholders with 10K-1M coins have been showing major accumulation during these suppressed markets. Since June 24th, they have added 9.2M LINK, a +4.65% increase to their collective holdings since that date. pic.twitter.com/nYBvChXhHU
— Santiment (@santimentfeed) July 12, 2024
This notable accumulation indicates strong confidence among Chainlink’s largest holders. Exchange netflows for $LINK have been negative for the past two weeks, with approximately $110 million worth of $LINK being withdrawn from exchanges during this period. This trend suggests that investors are moving $LINK off exchanges and into long-term holdings, a common behavior during accumulation phases.
Exchange netflows for $LINK have been negative for the past two weeks, with roughly $110 million worth of $LINK being withdrawn from exchanges during this period.
Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off… pic.twitter.com/jSvKAkUQ5F
— IntoTheBlock (@intotheblock) July 12, 2024
Such activity typically signals that investors are preparing for potential future gains by securing their holdings rather than leaving them on exchanges where they might be sold. This strategic move aligns with a broader market sentiment where stakeholders foresee a promising future for Chainlink.
The ongoing accumulation phase reflects a broader market strategy among Chainlink investors. As these key stakeholders consolidate their positions, it underscores a growing belief in the long-term value and potential of Chainlink. This behavior is often a precursor to significant market movements, as substantial accumulation by influential holders can create a foundation for future price increases.
In summary, Chainlink is witnessing a strong accumulation trend among its major stakeholders. The negative exchange netflows and significant additions to their holdings highlight a growing confidence in Chainlink’s future prospects. Investors moving their $LINK into long-term holdings signals a strategic preparation for potential market upswings, making this an intriguing period for Chainlink and its community.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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