- The number of active LINK addresses has reached more than 47,000.
- LINK was now in a slightly uptrend.
Historically, Chainlink [LINK] Whales have consistently attracted the attention of whale investors, especially during periods of price volatility.
Recent records suggest that this trend has continued, with whale activity increasing over the past few weeks. Interestingly, despite this spike in whale activity, the number of active Chainlink addresses has remained steady.
Chained whales set off on a journey
According to data from Look on ChainRecent weeks have seen a lot of activity among Chainlink holders, especially from whales or institutional investors.
The data revealed that 93 new wallets have collectively withdrawn nearly 12.75 million LINK tokens from Binance since June 24.
Additionally, the value of these tokens is estimated at around $167 million.
This large movement of funds from the exchange indicates the strategic positioning of these large holders, reflecting their long-term confidence in LINK or responding to specific market conditions.
Increase link supply for whales
An analysis of Chainlink whale addresses, according to data from Santiment, shows a noticeable shift in the distribution of holdings among larger investors.
Specifically, addresses holding between 10,000 and 100,000 LINK tokens have risen from around 2,946 to 2,987 since July 1.
Similarly, wallets holding between 100,000 and 1 million tokens rose from 451 to 499 during the same period.
Source: Santiment
In the past two weeks alone, the total value held by these addresses has increased by around $120 million. Such moves can have a significant impact on the market, as larger holders can impact liquidity and price stability.
Active Chainlink addresses remain constant.
Despite the significant movement and activity within the Chainlink whale wallets, the total number of active addresses has shown a steady trend.
According to a 30-day analysis on Santiment, there has not been a significant spike in active addresses over the past few weeks.
At the beginning of the month, the number of active addresses was around 48,817, and according to the latest data, the number is around 47,686.
Source: Santiment
The relative stability suggests that increased activity among whales has not necessarily translated into broader market participation.
This also did not translate into new entry into the Chainlink market.
Whether it’s real or not, here’s the market cap of LINK in BTC terms.
Instead, existing participants appear to be reshuffling their holdings, which may indicate strategic adjustments rather than an expansion of the user base.
LINK stock price was trading at around $13.7 at the time of writing, up over 2%.
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