On-chain data shows that the largest Chainlink whales have been accumulating recently, even as the price of the cryptocurrency has fallen below $13.00.
Top 100 Chainlink Whales are expanding their offer
In the new one publish at X, on-chain analytics firm Santiment talked about the latest trend in the holdings of the top 100 addresses present on the Chainlink network.
This category of owners naturally includes big whales, investors who have amounts significant enough to have some influence on the blockchain. As such, their combined offering may be worth noting.
Below is a chart shared by Santiment showing the trend in supply of the top 100 Chainlink addresses over the past few months.
As shown in the chart, the supply of Chainlink held by the top 100 addresses increased in November as the price of the cryptocurrency plummeted, a possible sign that large investors are piling in money.
These whales lost some of their holdings in December and the first week of January, but recently showed signs of re-accumulation as the price of LINK fell below the $13.00 level. Compared to the beginning of November, the group’s holdings increased by 16.1 million tokens.
“As retail sells off due to impatience and FUD, it’s common to see the smart money scoop up more $LINK to prepare for (or cause) the next pump,” the analyst firm explained. It now remains to be seen if this accumulation will have any effect on the cryptocurrency.
Chainlink is not the only asset that has recently seen changes from large investors. As Santiment emphasized in the second X publishBitcoin sharks and whales have engaged in net buying over the past nine days.
In the context of BTC, sharks and whales are defined as investors who hold between 10 and 10,000 tokens. Below is a chart showing how the supply of these investors has changed since the end of July.
As seen in the chart, Bitcoin sharks and whales have increased their combined supply by 36,322 BTC in the last nine days, equivalent to a 0.27% increase. It is interesting that the large investors have held on despite the fact that the price of the property has declined over the past few days.
However, the same was not true for the opposite end of the market, retail entities. These investors, corresponding to addresses holding less than 0.01 BTC, lost 132 BTC (0.28%) in the same window.
LINK Price
At the time of writing, Chainlink is trading around $12.33, down more than 10% in the last seven days.
