Crypto Whales Seize the Opportunity: Chainlink (LINK) on Their Radar
A whale with a history of making profitable trades has been making big purchases, including 3,600 ETH; he has made over $35 million in cumulative profits trading Ether. The whale has also been accumulating Chainlink as it dipped below $15, purchasing over 600,000 LINK, which has gained 5.7% since he made the purchase. In the [...]
- A whale with a history of making profitable trades has been making big purchases, including 3,600 ETH; he has made over $35 million in cumulative profits trading Ether.
- The whale has also been accumulating Chainlink as it dipped below $15, purchasing over 600,000 LINK, which has gained 5.7% since he made the purchase.
In the digital asset world, crypto whales tend to be ahead of the market and buy tokens before they explode. In recent days, some of these whales have been scooping up crypto as the market took a slight dip, from Ether and Bitcoin to Chainlink and other altcoins.
According to data from Lookonchain, one crypto whale with a penchant for identifying lucrative market opportunities has been among those scooping Bitcoin and Ethereum.
“In the recent market drop, a new wallet withdrew 700 BTC ($29.36M) from Binance at an average price of $41,948,” Lookonchain revealed on Twitter.
The platform revealed that the address purchased 100 BTC and then 250 BTC just below $43,000 and then later purchased 350 BTC at $41,400. Almost immediately, the whale withdrew all the Bitcoin from the exchange wallet into a private wallet, indicating he intends to hold it for the long term.
It seems that a whale is buying $BTC!
In the recent market drop, a new wallet withdrew 700 $BTC($29.36M) from #Binance at an average price of $41,948.https://t.co/5kE1l0mJlo pic.twitter.com/Fj1thu4C6x
— Lookonchain (@lookonchain) January 19, 2024
The price of BTC has since dipped to $40,780, shedding 2% in the past 24 hours.
Whales are also diving into Ethereum, the platform reveals. One whale in particular has recently been scooping ETH, purchasing close to $9 million. This whale has been observed to be an expert at making profitable Ethereum trades, making over $25 million by purchasing Ether when it dips and selling it once it recovers.
After the price of ETH dropped today, this smart whale bought 3,600 ETH ($8.9M) back at a lower price 5 hours ago. This whale is very good at buying ETH at low prices and selling ETH at highs. The profit is ~$25.8M currently!
This whale purchased over 41,000 ETH in May when the price was around $1,750. The leading altcoin has since shot up, and at press time, it trades at 2,400, a 37% spike in eight months.
Whales Buy Chainlink—What’s Next for LINK?
Chainlink is another token that whales are accumulating. One whale invested nearly $9 million to purchase just over 600,000 LINK tokens. At the time, the price of LINK was $14.81, but since then, it has risen to $15.54, a 5% rise. This whale has made a profit of just over $438,000 since the purchase.
After the price of $LINK dropped today, a whale spent 8.9M$ to buy 601,949 $LINK at $14.81 with 3 new wallets.https://t.co/W7BjWM2XsP pic.twitter.com/xlFPqWv4ko
— Lookonchain (@lookonchain) January 19, 2024
LINK has traded around $15 for the past week, with some peaks and dips—it hit a low of $14.34 and a high of $16.20. Its relative strength index stands at 54 in the past day, which is in the ‘strong’ category. In the past week, it was above 60, which is in the overbought category, and its slight dip opens up the potential for some further gains in the short term.
Data from CryptoQuant further shows that the LINK flow into exchanges has been declining since mid-December. This further supports the prediction for a price rise as Chainlink holders continue to HODL.
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