The idea behind the accumulation remains unknown considering the fact that LINK is used for speculative trading and as a utility token. Aside from also being used to earn passive income, movement to self-custody wallets signifies a potential interaction with DeFi. However, there is an indication that the activity may be related to the current dip in the market.

Speculations trail whale LINK withdrawal activities

Despite the religious holding of LINK by its investors, the token is still trading within a range-bound region. Other uses may include staking, with liquid staking providing additional rewards to users. Some of the withdrawn LINKs have been sent to the stake.link priority pool.

This is not the first heightened whale accumulation surrounding the token, as it has always been the push that has triggered the surge. Other whale activity has also led to rewards, with a trader recently making short-term gains of $200k. The Whale uses LINK to make profits, buying during price dips and selling during gains to make profits. The whale leverages the asset’s deep liquidity and its decentralized approach to shift between USDT and LINK, gaining profits from trades in days or hours.

While most whales use spot trading for their activities, the total open interest in the asset has dropped from its 2024 peak. Long positions are now 75%, with a downward move likely over the next few days. LINK has been consolidating in the higher price region after inching close to $30. With the asset at $24, it is still struggling to break above that mark.

Chainlink sets its focus on partnerships and financial services

Chainlink has continued to set its sights on its product as a utility, removing focus from its token. The platform ranks at 6 on Github, making it one of the most active projects in the space. Over the last few months, the project has been able to add more partnerships to its CCIP cross-chain service. After replacing the Ronin bridge, the project has taken over the bridging of Neiro on Ethereum and ApusCoin. Although the tokens are small, it still signals a nice shift for the token.

Meanwhile, over the last few years, whales with 100k LINK have continued to accumulate more tokens. Retailers are now selling, changing the profile of the token. With the asset still unlocked, shifts in its supply are happening in the wider market. CCIP now opens links to more than 13 blockchains, with more focus on replacing other bridges to assert its dominance in the cross-chain transfer market.

The post Whale wallets accumulating Chainlink (LINK) raise suspicions first appeared on Coinfea.

According to on-chain data, investors are still accumulating the asset despite massive withdrawals from centralized exchanges. The progressive data was identified by the on-chain data platform IntoTheBlock, which stressed that traders are optimistic about the upward trend of the asset in the coming days.

IntoTheBlock clarified that the transfers show that traders have a bullish faith in the asset, signaling a potential uptick in its performance. The platform also revealed that such transfers from centralized exchanges have often led to a drop in selling pressures on assets.

Most LINK wallets hold between 0 and 1

IntoTheBlock data shows that LINK wallet address balances have been relatively constant since the beginning of the year. These assets hold between 0 to 1 LINK as their balance. As of the time of writing, these wallets are about 212,000.

Wallets with balances between 10 and 100 LINK currently stand at 191,000, while wallets with a balance between 100 and 1000 LINK are about 109,000. Per the on-chain analysis platform, there are only 18 wallets that hold between 10 million and 100 million LINK while there are no wallets that hold more than 100 million LINK.

Chainlink posted a positive September even though most assets struggled in that period. During the period, the token’s price climbed from $9 to $13. However, it saw a slight decline at the beginning of October to trade at $10.

The daily address profit also saw a major bump up, rising from a small figure of 155 to about 600. According to IntoTheBlock, the rise happened when the asset posted a price of $12. Although the asset could be open to the bears as its addresses continue to increase, investors might be willing to ride it out due to the discount in its price.

Chainlink introduces CCIP private transactions protocol

Chainlink recently unveiled its new tool that will cater to institutional investors. The new tool, its CCIP private transactions protocol, will help institutions to maintain privacy in their transactions.

The Australia and New Zealand Banking Group (ANZ) was the first institution to test the technology. The platform said it will allow institutions to adopt it in a way that will comply with regulatory standards while carrying out transactions across chains.

The technology will allow institutions to use blockchain in a way that sensitive data is encrypted from third parties. However, these data can be viewed by auditors upon request, making it regulatory-friendly. The platform said the technology is open to firms that want to try it on request.

The post Chainlink’s LINK registers negative monthly net flows sparking accumulation rumors first appeared on Coinfea.