Whale Wallets Accumulate 9 Million LINK Driving 40% Price Surge

Whale wallets have significantly increased their holdings of Chainlink (LINK), accumulating approximately 9 million LINK since late June. This surge in holdings has coincided with a notable price increase for LINK, which has risen from $13.33 to $18.67 over the same period. The total holdings of whale wallets, which range from 100,000 to 1,000,000 LINK, have reached 175.91 million, indicating a strong bullish sentiment among large investors.

Exchange outflows for LINK peaked at $5 million on July 18, suggesting a reduction in sell pressure and an increase in investor confidence. This outflow trend, particularly noticeable from July 15 to July 20, indicates that investors are transferring their assets to private wallets, thereby reducing the immediate selling pressure on exchanges. The brief inflow spike observed between July 17 and 18, which peaked above $5 million, may have been due to profit-taking or repositioning activities. However, the overall trend favors outflows, supporting the narrative of continued accumulation.

The on-chain data for Chainlink reveals that 66% of LINK holders are currently in profit, with 66% of the supply concentrated in large wallets. Additionally, 77% of holders have maintained their tokens for over a year, demonstrating a strong long-term conviction in the asset's growth potential. Only 3% of holders have held their tokens for less than a month, further emphasizing the dominance of long-term investors in the market.

The recent price rally of LINK, coupled with the increased holdings by whale wallets and reduced exchange presence, suggests a focused accumulation phase. This trend is supported by the 7-day volume of large transactions, which stands at $974.5 million, with 52% of transaction activity originating from Western regions. The slight decline in Telegram group membership by 0.11% and the net outflow of $21.81 million over the same period further reinforce the broader accumulation trend.

In summary, the steady accumulation of LINK by large holders, coupled with the reduction in sell pressure and the strong long-term holding behavior, indicates a bullish outlook for Chainlink. The coordinated re-entry of whale wallets into the market, along with the growing investor confidence, suggests that the price of LINK is likely to continue its upward trajectory in the near future.