Chainlink’s LINK experiences negative exchange net flows for a month, indicating signs of accumulation
The post Chainlink’s LINK experiences negative exchange net flows for a month, indicating signs of accumulation appeared on BitcoinEthereumNews.com.
LINK has experienced consistent negative netflows on exchanges in the past month. The trend signifies the asset is being accumulated as investors transfer the crypto asset from exchanges to self-custody wallets. ChainLink has also unveiled a CCIP Private Transactions protocol for institutional use cases. On-chain data shows LINK investors are accumulating the asset following consistent withdrawals from centralized exchanges. The progressive withdrawals were identified by IntoTheBlock, an on-chain data analytics firm, and could imply an overall bullish trend on LINK may be coming soon. According to IntoTheBlock, LINK’s reducing exchange reserves show investors are transferring their LINK assets from exchanges to self-custody wallets. The transfer of assets from exchanges usually leads to a reduction in the immediate selling pressure of an asset. Majority of LINK wallets hold between 0 and 1 LINK $LINK has seen consistent negative exchange netflows for almost a month, indicating sustained withdrawals from exchanges. This trend often signals accumulation, as holders move assets to cold storage or private wallets, reducing immediate sell pressure. pic.twitter.com/iDLqEPbt0E — IntoTheBlock (@intotheblock) October 23, 2024 Data from IntoTheBlock further shows that wallet addresses holding LINK have been relatively constant since the year began. However, the majority of the wallets holding the asset have between 0 and 1 link. The data shows that these wallets are about 212.94K at the time of this publication. The wallets holding between 10 and 100 LINK currently stand at 191.23k, while those holding between 100 and 1000 LINK stand at 109.34k. As per IntoTheBlock, no wallet holds more than 100 million links, and only 18 wallets hold between 10 million and 100 million links. Chainlink had a bullish run in September when the crypto market struggled amid bearish investor sentiment. The asset rose from $9 to $13 towards the end of September. However, October’s first week…
Filed under: News - @ October 23, 2024 4:28 pm