As January draws to a close, the cryptocurrency market has shown signs of recovery after enduring several weeks of heightened selling pressure.

ChainLink ($LINK) is among the tokens witnessing a slight rebound, inching closer to the $15 mark while experiencing a notable 39% increase in its 24-hour trading volume.

However, recent hours have seen significant movements in $LINK, detected by analytic firm Spotonchain, revealing conflicting activities from whales in the market.

One prominent whale, identified as 0x941, has deposited an additional 140,000 LINK ($2.05 million) onto Gate.io at a price of $14.65.

This move marks the second trade for the whale, who has faced challenges in the past. Despite realizing profits in the second trade, the whale’s cumulative loss from LINK transactions stands at an estimated $365,000.

Our system detected several conflicting $LINK movements from whales in the past 25 hours (pic )

What is your current view on $LINK? Bullish or bearish?

For more updates on $LINK (#Chainlink), follow @spotonchain and turn on your at https://t.co/8IFrzurPLC pic.twitter.com/59rIH6qOLi

— Spot On Chain (@spotonchain) January 29, 2024

Further Notable Chainlink LINK Transfers To Monitor

Another whale, wallet 0x2a1, withdrew 81,257 LINK ($1.17 million) from Binance at $14.42. This withdrawal adds to the whale’s total of 424,358 LINK ($6.18 million) withdrawn from Binance over the past 12 hours.

Surprisingly, the whale has only deposited back 99 LINK ($1,434) to Binance, currently holding 424,259 LINK ($6.11 million) along with a small amount of ETH.

In a noteworthy move, a dormant whale, 0x2f0, recently deposited 100,000 LINK ($1.45 million) to Binance at $14.49 after over a year of inactivity with the token.

The whale stands to make a significant profit of $728,000 (+101%) if the tokens are sold, as they were originally withdrawn from Gemini over a year ago.

These intricate transactions from whales underscore the complex dynamics at play in the cryptocurrency market, with individual investors and entities making strategic moves that can influence market sentiment and price fluctuations.

As the market continues to evolve, monitoring whale activities remains crucial for understanding market trends and potential price movements.

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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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 30, 2024 7:26 am