Over $256,000,000 in Chainlink (LINK) Abruptly Sent to Crypto Exchanges in Just 24 Hours, Says Analyst

June 24, 2024

Over a quarter billion dollars worth of Chainlink (LINK), the leading blockchain oracle service, has been spotted headed to crypto exchanges.

Analyst Ali Martinez says that within a 24-hour period on June 22nd, traders deposited millions of LINK to digital asset exchanges where they could be sold on the open market.

“[In 24 hours], 18.77 million Chainlink (LINK), valued at approximately $256.20 million, were sent to cryptocurrency exchanges!”

LINK has dropped since the tokens were sent to exchanges, currently trading at $13.03.

Looking at Ethereum (ETH), Martinez reports that the top smart contract platform just experienced its largest jump in daily active addresses since March.

“Ethereum just saw its largest spike in active ETH addresses in three months, reaching a total of 617,170 active ETH addresses.”

The analyst also says that based on social media metrics, “the crowd” is now growing more confident in Ethereum.

At time of writing, Ethereum is trading for $3,375.

As for Bitcoin, Martinez says that the crypto king is showing signs of diminished interest from investors.

“Bitcoin is experiencing a downturn in exchange-related on-chain activity, indicating decreased investor interest in BTC and reduced network usage.”