According to data shared by on-chain analytics platform Lookonchain, two major investors have been rapidly increasing their Chainlink (LINK) holdings in recent months.
Significant Accumulation by Large Investors
According to the data, one whale, identified by the address 0xf386, withdrew 62,207 LINK, valued at approximately $1.07 million, from the OKX exchange. This transaction occurred about five hours prior to the data's release. With this latest withdrawal, the total amount of LINK accumulated by this address over the past five months has reached approximately 1.1 million units, representing an approximate value of $19 million.
In a similar move, another significant investor, with the address 0xe8aa, withdrew 66,113 LINK, approximately $1.14 million, from the Kraken exchange. This withdrawal took place 14 hours before the data was compiled. This address's total LINK accumulation over the past month now stands at 307,684 LINK, with an approximate value of $5.34 million.
Underlying Factors and Expert Opinions
The ongoing accumulation of LINK by large investors, as indicated by on-chain data, suggests a resurgence of institutional interest in the cryptocurrency. Chainlink's continued development and integration efforts, particularly in the realms of Decentralized Finance (DeFi) and Real-World Assets (RWA), are seen as contributing factors to long-term confidence in the project.
Experts suggest that this sustained accumulation process highlights LINK's strong fundamental value, even amidst broader market volatility. An increase in buying activity from these large holders could potentially contribute to price stability and signal the onset of a future upward trend for the cryptocurrency.
Furthermore, the Chainlink ecosystem has been actively maintaining investor interest through ongoing developments in its staking programs and its robust data oracle solutions.