According to on-chain data, an unknown entity believed to be an institution has amassed nearly $2.5 billion worth of oracle provider Chainlink (LINK).
Blockchain tracking company Lookonchain reported earlier this month that a series of new wallets belonging to a mysterious entity began withdrawing large amounts of LINK from cryptocurrency exchange Binance.
Less than two weeks later, Lookonchain revealed that there were dozens of wallets that could belong to the same institution that had accumulated LINK totaling more than $200 million.
“83 new wallets (possibly belonging to the same institution) withdrew a total of 11,097,687 LINK ($216.4 million) from Binance over the past two weeks.”
During the month of February, LINK is up more than 30% and is currently trading at $20.22.
Recently, cryptocurrency analyst Altcoin Sherpa expressed long-term bullishness on Chainlink, suggesting that LINK has successfully broken out of the $12 to $16 range.
He said LINK is likely to go higher in the long term.
“LINK: Things still look good at the HTF (high time frame) for LINK. I think this will continue to go higher in the long term, but I don’t really like this in short term trading. Volatility is decent (but liquidity is good).”
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Featured image: Shutterstock/Tithi Luadthong