{"id":537631,"date":"2023-06-13T13:00:57","date_gmt":"2023-06-13T13:00:57","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=537631"},"modified":"2023-06-13T12:32:25","modified_gmt":"2023-06-13T12:32:25","slug":"chainlink-link-whale-transfers-spike-bearish-sign","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/chainlink\/chainlink-link-whale-transfers-spike-bearish-sign\/","title":{"rendered":"Chainlink (LINK) Whale Transfers Spike, Bearish Sign?"},"content":{"rendered":"

On-chain data shows that Chainlink (LINK) whales have become quite active in recent days, a sign that may be bearish for the asset’s price.<\/p>\n

Chainlink Whale Transactions Have Shot Up In Number Recently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, whale transactions hit a 2023 high just as the price dipped toward the $5 mark. The “whale transaction count<\/a>” is an indicator that keeps track of the number of Chainlink transfers taking place on the blockchain that involve the movement of tokens worth at least $1 million in value.<\/p>\n

When the value of this metric is high, it means that there are a large number of sizeable LINK transactions occurring on the network right now. Generally, transfers worth more than $1 million are thought to be coming from the whales, so this kind of trend can be a sign that the whales<\/a> are active currently.<\/p>\n

On the other hand, the low values of the indicator imply the whales aren’t making that many moves at the moment. As whale transactions are quite large in scale, a lot of them happening at once can cause fluctuations in the market. Thus, a lack of them happening (that is, low values) can result in a more stable market.<\/p>\n

Now, here is a chart that shows the trend in the Chainlink whale transaction counts over the last few months:<\/p>\n

\"Image\"<\/p>\n

The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Chainlink whale transaction count saw a couple of spikes during the last week or so. This would hint that whales of the cryptocurrency may have been actively trading in this period.<\/p>\n
These high values of the indicator took place simultaneously with the asset’s price sliding down and hitting a three-year low of around $5, implying that at least some of the transactions may have been made for selling-related purposes.<\/p>\n
Related Reading: Bitcoin Stuck In Historically Tight Range, Calm Before The Storm?<\/a><\/div>\n
Interestingly, the whale activity continued to remain elevated even after the coin hit its $5 local bottom and saw a rebound. In fact, the largest of the metric’s spikes, which set a new high for the year 2023, came just as Chainlink bottomed out.<\/p>\n
The timing of this extreme elevation in the whale transactions may be a sign that some of these humongous investors saw the dip as a profitable buying opportunity and participated in some accumulation<\/a>, leading to the price being able to rebound.<\/p>\n
In the chart, Santiment has also displayed the trend in the supplies of the investor groups holding between 1,000-10,000 LINK and 10,000-100,000 LINK. Both these cohorts seem to have done some buying recently as their supplies have shot up, implying that market-wide buying may have taken place at the lows.<\/p>\n
Related Reading: Bitcoin Bearish Signal: Miners Sell At 3rd Largest Scale Ever<\/a><\/div>\n
Since the bottom, however, Chainlink has only seen a minute increase as it’s still trading quite near the low itself. Whale transactions are also still at higher-than-average levels for the year, and it’s hard to say what behavior these investors may be showing this time.<\/p>\n
Naturally, if the whales are still selling, then LINK might see further bearish price action in the near future.<\/p>\n
LINK Price<\/h2>\n
At the time of writing, LINK is trading around $5.2, down 15% in the last week.<\/p>\n
\"Chainlink<\/p>\n
Looks like the value of the asset has plunged | Source: LINKUSD on TradingView<\/a><\/pre>\n
Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Chainlink (LINK) whales have become quite active in recent days, a sign that may be bearish for the asset’s price. Chainlink Whale Transactions Have Shot Up In Number Recently According to data from the on-chain analytics firm Santiment, whale transactions hit a 2023 high just as the price dipped toward the $5 mark. The “whale transaction count” is an indicator that keeps track of the number of Chainlink transfers taking place on the blockchain that involve the movement of tokens worth at least $1 million in value. When the value of this metric is high, it means that there are a large number of sizeable LINK transactions occurring on the network right now. Generally, transfers worth more than $1 million are thought to be coming from the whales, so this kind of trend can be a sign that the whales are active currently. On the other hand, the low values of the indicator imply the whales aren’t making that many moves at the moment. As whale transactions are quite large in scale, a lot of them happening at once can cause fluctuations in the market. Thus, a lack of them happening (that is, low values) can result in a more stable market. Now, here is a chart that shows the trend in the Chainlink whale transaction counts over the last few months: The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter As displayed in the above graph, the Chainlink whale transaction count saw a couple of spikes during the last week or so. This would hint that whales of the cryptocurrency may have been actively trading in this period. These high values of the indicator took place simultaneously with the asset’s price sliding down and hitting a three-year low of around $5, implying that at least some of the transactions may have been made for selling-related purposes. Related Reading: Bitcoin Stuck In Historically Tight Range, Calm Before The Storm? Interestingly, the whale activity continued to remain elevated even after the coin hit its $5 local bottom and saw a rebound. In fact, the largest of the metric’s spikes, which set a new high for the year 2023, came just as Chainlink bottomed out. The timing of this extreme elevation in the whale transactions may be a sign that some of these humongous investors saw the dip as a profitable buying opportunity and participated in some accumulation, leading to the price being able to rebound. In the chart, Santiment has also displayed the trend in the supplies of the investor groups holding between 1,000-10,000 LINK and 10,000-100,000 LINK. Both these cohorts seem to have done some buying recently as their supplies have shot up, implying that market-wide buying may have taken place at the lows. Related Reading: Bitcoin Bearish Signal: Miners Sell At 3rd Largest Scale Ever Since the bottom, however, Chainlink has only seen a minute increase as it’s still trading quite near the low itself. Whale transactions are also still at higher-than-average levels for the year, and it’s hard to say what behavior these investors may be showing this time. Naturally, if the whales are still selling, then LINK might see further bearish price action in the near future. LINK Price At the time of writing, LINK is trading around $5.2, down 15% in the last week. Looks like the value of the asset has plunged | Source: LINKUSD on TradingView Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":537634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,88410,88409,88408,16097],"class_list":["post-537631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-chainlink-bearish","tag-chainlink-whale-transactions","tag-chainlink-whales","tag-link"],"acf":[],"yoast_head":"\nChainlink (LINK) Whale Transfers Spike, Bearish Sign?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Chainlink (LINK) whales have become quite active in recent days, a sign that may be bearish for the asset's price.\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink (LINK) Whale Transfers Spike, Bearish Sign?","url":"http:\/\/shenyangcang.com\/news\/chainlink\/chainlink-link-whale-transfers-spike-bearish-sign\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/chainlink\/chainlink-link-whale-transfers-spike-bearish-sign\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576"},"articleSection":"Chainlink","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink bearish","chainlink whale transactions","chainlink whales","link"],"dateCreated":"2023-06-13T13:00:57Z","datePublished":"2023-06-13T13:00:57Z","dateModified":"2023-06-13T13:00:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink (LINK) Whale Transfers Spike, Bearish Sign?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/chainlink\\\/chainlink-link-whale-transfers-spike-bearish-sign\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/chainlink\\\/chainlink-link-whale-transfers-spike-bearish-sign\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576\"},\"articleSection\":\"Chainlink\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink bearish\",\"chainlink whale transactions\",\"chainlink whales\",\"link\"],\"dateCreated\":\"2023-06-13T13:00:57Z\",\"datePublished\":\"2023-06-13T13:00:57Z\",\"dateModified\":\"2023-06-13T13:00:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/537631"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=537631"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/537631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/537634"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=537631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=537631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=537631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}