An unknown entity, likely an institution, has accumulated nearly a quarter of a billion dollars worth of oracle provider Chainlink (LINK), according to on-chain data.
Blockchain tracking firm Lookonchain initially reported earlier this month that a series of fresh wallets belonging to a mysterious institution had started withdrawing large amounts of LINK from crypto exchange Binance.
Less than two weeks later, Lookonchain says there are now dozens of wallets that may belong to the same institution that collectively accumulated more than $200 million worth of LINK.
“83 fresh wallets(may belong to the same institution) withdrew a total of 11,097,687 LINK( $216.4 million) from Binance in the past two weeks.”
In the month of February, LINK is up over 30%, currently trading for $20.22.
Recently, closely followed crypto analyst Altcoin Sherpa expressed long-term bullishness on Chainlink, suggesting that LINK just successfully broke out of a range between $12 and $16.
He said LINK is likely going higher over the long term.
“LINK: things still look ok on HTF (high timeframe) for LINK. I think this is going to keep going higher in the long term, but I don’t really like this one as much for short-term trades. Volatility is kind of meh (but liquidity is good).”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
