Chainlink Whales on the Rise: How Grayscale and Bitwise Are Fueling the Accumulation
🔥 Key Takeaways
- Chainlink (LINK) is experiencing a surge in accumulation activity from crypto whales and institutional investors.
- Grayscale and Bitwise, two major fund managers, are doubling down on their LINK positions.
- On-chain data highlights a significant increase in whale transactions and LINK holdings.
Chainlink Accumulation on the Rise
Chainlink (LINK), the oracle token, has been quietly gaining attention from crypto whales and institutional investors amidst the current market uncertainty. Recent on-chain data reveals a significant increase in accumulation activity, with both private whales and major fund managers expanding their LINK positions.
Grayscale and Bitwise: The Driving Force Behind Whale Accumulation
Two major fund managers, Grayscale and Bitwise, have been instrumental in driving the whale accumulation trend. Grayscale, a leading digital asset manager, has been steadily increasing its LINK holdings, while Bitwise, a prominent cryptocurrency fund, is preparing to launch a new LINK-focused investment product. This move is expected to further fuel the demand for Chainlink among institutional investors.
On-Chain Data Reveals Whale Transactions and Holdings
On-chain data analytics firm, Santiment, reports a significant increase in whale transactions and LINK holdings. The data shows that the number of whale addresses holding 10,000 or more LINK tokens has risen by 15% in the past quarter. Furthermore, the total value of LINK held by these whale addresses has increased by 25% during the same period.
Renewed Confidence in Chainlink
The accumulation trend among whales and institutional investors signals renewed confidence in Chainlink’s potential. Despite the current market uncertainty, investors are recognizing the value of Chainlink’s decentralized oracle network and its growing adoption in the DeFi space. As the demand for reliable and secure data feeds continues to rise, Chainlink is well-positioned to benefit from this trend.
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