Data from an on-chain analytics platform shows that whales are paying attention to two altcoins: Chainlink (LINK) and Maker (MKR).
Bitcoin (BTC) dominance has been on the decline for about a month. However, the BTC price did not fall significantly. This suggests that whales are cycling funds from BTC to altcoins.
Will Chainlink (LINK) become whales’ favorite altcoin again?
According to data from Spotonchain, whale wallet 0x8ead withdrew 136,146 LINK worth about $2.05 million from Binance on Wednesday. The platform also shows that whales have withdrawn a total of 348,007 LINK worth $5.58 million over the past nine days.
Finally, the screenshot below confirms that there has been a significant whale buildup on Chainlink. In the last 24 hours, LINK balances on centralized exchanges decreased by 175,090 tokens. Meanwhile, over the past seven days, the balance has decreased by at least 400,000 LINK tokens.
Read more: How to Buy Chainlink (LINK) and Everything You Need to Know
Chainlink (LINK) was one of the first movers in the bull rally that began in October 2023. However, for over a month, LINK’s price has been consolidating between roughly $13.6 and $16.6.
Will renewed interest in whales spark a new rally for LINK?
$4.6 million worth of MKR was withdrawn from Fresh Wallet.
The newly created wallet, 0xe68e, withdrew 3,150 MKR tokens from Binance on Wednesday. According to the current market price, the token price is approximately $4.6 million.
Based on a 7-day period, the screenshot below shows that the MKR balance on the centralized exchange has decreased by 2130 tokens. However, in the last 24 hours, the balance on the centralized exchange has grown to over 2,000 tokens.
Negative net flow indicates that the supply of tokens on centralized exchanges is decreasing, which will eventually lead to less selling pressure. On the other hand, a positive net flow suggests there may be more supply waiting to be dumped into the market.
Read more: 8 Best On-Chain Analytics Tools of 2023
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