Chainlink whales have significantly increased their holdings of LINK assets, indicating a bullish trend following a decrease in token balances on crypto exchanges. On-chain data provider Santiment reported that the top 200 LINK wallets have increased their holdings by over $50 million. These addresses hold a total of approximately 746.57 million LINK, equivalent to a value of around $11.84 billion.
LINK accumulation frenzy has caused a notable decrease in LINK balances on exchanges. Decreases in exchange balances are generally seen as a signal of long-term holding and a decrease in selling pressure. On-chain data confirms that LINK supply on exchanges has dropped to its lowest level in over a year, with approximately 102 million tokens.
The staking v0.2 upgrade by Chainlink has sparked renewed interest in the ecosystem. Users have staked approximately 20 million out of the 40.87 million limit. These measures, combined with the current positive sentiment in the market, have contributed to the increase in LINK price. Additionally, Chainlink has shown a 189% increase in price since the beginning of the year, which is a significant rise compared to Bitcoin’s 139% increase.
During this period, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) implementation has been widely adopted by major traditional institutions such as global financial messaging network Swift and South Korean gaming giant Wemade. Sergey Nazarov, co-founder of Chainlink, stated, “Chainlink is advancing beyond its status as a leading source of decentralized data to become the leading cross-chain connectivity standard in both Web3 and TradFi.”
Despite positive on-chain activities, Silo Labs reported an error in Chainlink’s wsETH/ETH price feed on Arbitrum, which led to the liquidation of five positions. The error is said to have originated from two significant transactions. Silo Labs emphasized, “These transactions were quite large and may have influenced Chainlink’s VWAP calculation on Arbitrum. The reported price could represent a volume-weighted market at a specific time.”
