Chainlink Price Drops to $12.50, Yet Major Whales Are Stockpiling

On-chain data reveals that the largest Chainlink whales are actively accumulating assets, even as the cryptocurrency's price has dipped below $13.00.

Key Takeaways

Chainlink's price has dropped to approximately $12.33, reflecting a decline of over 10% in the past week.
The top 100 addresses on the Chainlink network have increased their token holdings, suggesting significant investor interest during price declines.
In December and early January, these whales reduced their holdings but are now back to accumulating, with an increase of 16.1 million LINK tokens since early November.
While major Chainlink investors are adding to their positions, retail investors are selling off their assets.

Chainlink

Accumulation Among Top 100 Chainlink Holders

Recent insights from on-chain analytics firm Santiment, posted on X, reveal that the top 100 addresses on the Chainlink network have been increasing their supply despite the price drop. This group, which mainly consists of large investors or "whales," wields substantial influence over the blockchain.

The chart below from Santiment illustrates the fluctuation in the supply held by these top 100 addresses throughout the last few months.

Chainlink Whale Supply
The value of Chainlink holdings has been on the rise recently.
Source: Santiment on X

From the graph, it is clear that the Chainlink supply held by the top 100 addresses experienced an uptick in November, coinciding with a drop in the cryptocurrency's price. This trend indicates that major investors may be capitalizing on lower prices by accumulating more tokens.

These whales reduced their holdings during December and the early part of January but have recently shifted back to accumulating LINK as its price fell below $13.00. Compared to early November, this group has collectively gained an additional 16.1 million tokens.

Santiment noted, "As retail sells off due to impatience & FUD, it’s common to see smart money gather up more $LINK to prepare for (or cause) the next pump." It remains uncertain whether this increase in whale activity will influence Chainlink's price movement.

Related Movements in the Bitcoin Market

Chainlink isn't the only cryptocurrency experiencing notable investor activity. Santiment reported that both Bitcoin sharks and whales have been net buyers for the last nine days. For Bitcoin, "sharks" and "whales" refer to investors holding between 10 to 10,000 BTC.

The chart below highlights the shifts in supply among these larger Bitcoin investors since late July.

Bitcoin Sharks & Whales
Major Bitcoin investors have been accumulating coins recently.
Source: Santiment on X

According to the data, Bitcoin sharks and whales collectively increased their holdings by 36,322 BTC in the past nine days, which is a rise of 0.27%. Interestingly, these larger investors maintained their positions even when Bitcoin’s price experienced a recent retrace. In contrast, retail investors, represented by addresses holding less than 0.01 BTC, have reduced their holdings by 132 BTC (0.28%) over the same period.

Chainlink Current Price Status

As of this writing, Chainlink is trading around $12.33, down more than 10% over the last week.

Chainlink Price Chart
Price trend of Chainlink over the past five days.
Source: LINKUSDT on TradingView