- The number of active LINK addresses was more than 47,000.
- LINK was now somewhat in a bull trend.
Historically Chainlink [LINK] has consistently captured the attention of whale investors, especially during periods of price volatility.
Recent data shows this trend has continued, with an increase in whale activity in recent weeks. Interestingly, despite this spike in whale activity, the number of active Chainlink addresses has remained stable.
Chainlink whales go hunting
According to data from Look at chainIn recent weeks there has been significant activity among Chainlink holders, especially from whales and institutional investors.
The data showed that 93 new wallets have collectively withdrawn approximately 12.75 million LINK tokens from Binance since June 24.
Moreover, these tokens are valued at approximately $167 million.
This substantial flow of funds from the exchange indicates a strategic positioning of these large holders, reflecting their long-term confidence in LINK or a response to specific market conditions.
LINK supply for whales is increasing
The analysis of Chainlink whale addresses has shown a notable shift in the distribution of ownership among larger investors, according to data from Santiment.
Specifically, addresses holding between 10,000 and 100,000 LINK tokens have increased from approximately 2,946 to 2,987 since July 1.
Similarly, wallets holding between 100,000 and 1 million tokens increased from 451 to 499 over the same period.
Source: Santiment
In the past two weeks alone, the total value of these addresses has increased by approximately $120 million. Such moves can significantly impact the market as larger holders can impact liquidity and price stability.
Chainlink active addresses remain stable
Despite significant movement and activity within whale wallets in the Chainlink network, the total number of active addresses has been on a steady trend.
According to a 30-day analysis on Santiment, there has not been a significant spike in the number of active addresses in recent weeks.
At the beginning of the month, the number of active addresses was about 48,817 and according to the latest data it is about 47,686.
Source: Santiment
The relative stability suggests that increased activity among whales has not necessarily translated into broader market participation.
It also hasn’t translated into new entry into the Chainlink market.
Realistic or not, here is LINK’s market cap in BTC terms
Instead, it appears that existing participants are rearranging their holdings, which could indicate strategic adjustments rather than an expansion of the user base.
LINK was trading around $13.7 at the time of writing, up over 2%.