Whales Accumulate 62M LINK as Prices Decline Signaling Market Confidence

Coin World Report:
In the market volatility, Chainlink whales increased their holdings by 6.2 million LINK ($76.88 million), indicating confidence in the future performance of LINK.
The number of Chainlink whales has significantly increased, accumulating over 6.2 million LINK, worth approximately $76.88 million, in the past week. Ali Martinez recently reported on this activity, highlighting significant behavior by major shareholders in volatile market conditions.
#In the past week, Chainlink whales have bought over $6.2 million worth of LINK, totaling approximately $76.88 million! pic.twitter.com/Hats1Nmsny – Ali (@Ali_charts) July 8, 2024
According to Ali’s chart, the price of LINK has shown volatility, with significant declines and fluctuations, followed by a sharp rise in mid-May and subsequent declines. Nevertheless, the number of whales still shows a clear upward trend, especially last week. This indicates that whales are taking advantage of lower prices to increase their holdings.
Interestingly, despite the downward trend in prices, whales have continued to accumulate LINK. This opposite relationship may indicate that whales have confidence in the future performance of LINK and see lower prices as an opportunity to strengthen their positions.
Equity distribution and market sentiment
The ownership distribution of LINK shows that whales account for approximately 50.29% of the total supply, equivalent to approximately 502.89 million LINK. It is worth noting that high concentration of a small number of addresses can lead to higher market volatility, as their actions can have a significant impact on prices.
Chainlink ownership statistics | IntoTheBlock
This chart illustrates the distribution among different holders: whales, investors, and retail. While the exact percentages of investors and retail are not provided, the significant portion held by whales indicates their dominant influence on market dynamics.
Short-term trading volume and accumulation trend
The trading volume of LINK in a 15-minute period is 53.187K, reflecting the short-term average trading volume. An increase in trading volume often accompanies significant price fluctuations. The accumulation/distribution indicator is 237 million, indicating balanced buying and selling activity as the indicator remains stable.
Short-term performance of LINK
The relative strength index (RSI) is 46.91, indicating a neutral market with no significant momentum in either direction.
It is crucial to remember June; Chainlink whales took advantage of a brief market recovery and sold a portion of their holdings. Santiment charts show that as of June 16, the top 100 whale wallets held 704.47 million LINK tokens.
However, after Ethereum obtained a milestone legal permission from the U.S. Securities and Exchange Commission on June 17, these whales sold approximately 2.25 million LINK tokens worth around $40 million by June 20.