On-chain data shows whale-sized Chainlink wallets have reached a new all-time high (ATH), a sign that big-money interest has been flowing into the network.
Chainlink Wallets With At Least 100,000 LINK Have Set A New Record
According to data from on-chain analytics firm Santiment, Chainlink has seen large wallets reach a new record. The indicator of relevance here is the “Supply Distribution,” which tells us about the total number of addresses that belong to a particular address group.
Wallets or investors are divided into these cohorts based on the number of tokens that they are carrying in their balance. For example, the 1 to 10 coins group includes all addresses holding between 1 and 10 LINK. In the context of the current topic, the range of interest is the one with a lower bound at 100,000 LINK and no upper limit.
At the current exchange rate, the cutoff for the range converts to $957,000, which is a significant amount. Thus, the only investors who would qualify for the group will be the big-money entities like the sharks and whales. Such holders can carry some degree of influence on the network so their behavior can be worth keeping an eye on.
Below is the chart shared by Santiment that shows how the Supply Distribution has changed for these Chainlink investors over the past few months.
As is visible in the graph, the Chainlink wallets with 100,000 LINK or more have witnessed a rise in the indicator during the last couple of months. This suggests that the population of big-money investors on the network has grown.
More specifically, the Supply Distribution of the LINK whales has increased by 8.2% over the last seven weeks, a notable figure. Interestingly, this inflow of large investors into the network has arrived while the cryptocurrency has followed an overall trend of sideways movement.
Currently, there are 805 wallets holding at least 100,000 LINK, which is a new ATH. “Key stakeholders are showing bullishness toward the #16 market cap in crypto,” noted Santiment. It now remains to be seen whether the optimism from the LINK whales will end up reflecting on the cryptocurrency’s price.
While Chainlink has witnessed a trend of accumulation, Bitcoin has observed distribution from its large hands instead. As analyst Ali Martinez has highlighted in another X post, the supply of the BTC whales registered a decline recently.
From the chart, it’s apparent that the Bitcoin whales sold 18,447 BTC between the 18th and 21st of this month, worth approximately $1.41 billion.
LINK Price
At the time of writing, Chainlink is trading around $9.57, unchanged from one week ago.
