Crypto whales acquire these 2 altcoins

Data from on-chain analytics platforms suggests that crypto whales are now particularly interested in two altcoins, Chainlink (LINK) and Maker (MKR).

We have been observing a downward trend in Bitcoin dominance for about a month. However, the price of BTC did not fall due to this. So this suggests that crypto whales are converting their bitcoin funds into altcoins.

Spotonchain data shows that the whale wallet, 0x8ead, withdrew 136,146 LINKs worth approximately $2.05 million on Binance on Wednesday. The platform further reveals that this whale has downloaded a total of 348,007 LINKs worth $5.58 million in the past nine days.

Finally, the screenshot below confirms the significant accumulation of Chainlink crypto by whales. Indeed, in the last 24 hours, the balance of LINK centralized exchanges decreased by 175,090 tokens. In the last seven days, the balance has decreased by at least 400,000 LINK tokens.

Read more: How to buy Chainlink (LINK) and everything you need to know

Chainlink Netflows.  Source: IntoTheBlock
Chainlink network of streams. Source: IntoTheBlock IntoTheBlock

Chainlink (LINK) was one of the first players in the crypto bull run that started in October 2023. However, for more than a month, the price of LINK generally consolidated between $13.6 and $16.6.

So will the renewed interest in whales spark a new LINK gathering?

LINK/USDT, Weekly Time Frame, Binance.  Source: TradingView
LINK/USDT, Weekly Time, Binance. Source: TradingView

The new wallet withdraws $4.6 million from MKR

The recently created wallet 0xe68e has withdrawn 3,150 MKR tokens from Binance this Wednesday, December 27th. According to the current market price, these tokens are worth approximately $4.6 million.

Based on a seven-day period, the screenshot below shows that the MKR balance on centralized exchanges has decreased by 2130 tokens. However, in the last 24 hours, the balance of the exchange has increased by more than 2,000 tokens.

A negative net flow indicates that the supply of tokens on centralized exchanges is decreasing and there will be less selling pressure. On the other hand, a positive net flow suggests that there may be more supply waiting for the markets.

MakerNetflows.  Source: IntoTheBlock
Pure flows from producers. Source: IntoTheBlock

Moral of the story: A cryptowhale always finds a way to a coral reef.

Disclaimer

Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.

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