According to Lookonchain, a crypto analytics firm, on December 20th, newly created wallets withdrew $3.5 million worth of 24,860 Chainlink (LINK) tokens and $3.13 million worth of 5 million Polygon (MATIC) tokens from the Binance exchange. This significant withdrawal indicates notable wallet activity involving these cryptocurrencies.
Crypto analysts, using reports from CryptoQuant, observed that the exchange inflow for Polygon did not counterbalance the recent accumulation by the new wallet. During the update, MATIC’s exchange inflow remained positive, reaching a high of 15.4 million, suggesting a substantial amount of MATIC tokens entered exchanges, overshadowing the accumulated volume.
Conversely, Chainlink displayed an accumulation pattern based on exchange flow. The graph indicated a trend of outflows over the past few days, as evidenced by a negative net exchange flow, which was around -411,565 at the time of writing. This trend suggests that holders are maintaining their positions rather than selling.
Analysis of Polygon’s daily price movement revealed the cause behind the recent increase in exchange inflow. The chart showed a recent price drop over the last few days, with the price falling below the short-term average, previously serving as a support level around $0.8. At the time of writing, Polygon was trading around $0.7, reflecting a 1.8% increase in value.
Similarly, LINK experienced a drop below a critical area, but the decline was not as pronounced. At the time of writing, the token was trading around $14.4, showing an increase of over 2%. The Relative Strength Index (RSI) line remained below the neutral line, indicating a downward trend despite the recent price rise. In conclusion, the wallets created on December 20th withdrew substantial amounts of Chainlink and Polygon tokens from Binance. CryptoQuant’s analysis suggests that the new wallet’s accumulation did not offset the inflow, while the increase in MATIC’s exchange inflow points to a significant entry of tokens into exchanges.
