Arkham Reports Massive LINK Whale Withdrawals from Binance

A newly created wallet withdrew 104,503 LINK tokens worth $1.32 million from Binance, as per Arkham monitoring data, highlighting recent activity on December 21.

The withdrawal signals potential significant whale accumulation in the LINK market, echoing previous patterns that influence supply dynamics and investor behavior.

Whales Move $9.32 Million in LINK from Binance

Arkham recently reported that two whale wallets have withdrawn significant amounts of LINK from Binance. One wallet was newly created and withdrew 104,503 LINK, while another wallet took 630,000 LINK. This totals approximately $9.32 million.

The reduction in LINK on Binance, reflective of broader accumulation trends, suggests confidence from major holders. LINK’s exchange supply has dropped to lows not seen since 2020, indicating potential market impact due to these substantial withdrawals.

LINK Market Factors: Price Trends and Expert Insights

Did you know? Historically, large exchange supply drops of LINK, such as those seen before this year, have often led to significant price increases as accumulated assets signal long-term confidence despite broader market conditions.

Chainlink (LINK) is trading at $12.66 with a market cap of $8.96 billion and holds a market dominance of 0.30%. Over the past 90 days, LINK’s price has dropped by 40.40%, as reported by CoinMarketCap.

According to Coincu analysts, the reduction of LINK on exchanges might signal extended accumulation phases, which can positively affect prices in the medium term. No immediate regulatory impacts or novel technological shifts are expected shortly.