Investors are moving Chainlink tokens out of exchanges at an increasing rate2.5% of Chainlink’s circulating supply has left exchanges in the last 2 monthsThe amount of Chainlink held by the top 10 crypto exchange addresses has dropped by 67.6% in the last 6 monthsChainlink is currently battling to maintain the $44.30 support amidst a sub-$50k Bitcoin
Chainlink investors are moving their LINK out of crypto exchanges and into cold storage at an increased rate.
According to data shared by the team at Santiment, 2.5% of Chainlink’s circulating supply has left crypto exchanges in the last 2 months alone. In addition, the amount of Chainlink held by the top 10 crypto exchange addresses has dropped by a factor of 67.6% in the last 6 months.
The team at Santiment shared their observation of Chainlink through the following statement and accompanying chart.
It’s been 6 days since Chainlink‘s new All Time High of $52.88. 2.5% of $LINK tokens have moved off of exchanges in the past 2 months alone, and the top ten exchange addresses hold less than a third tokens now (23m $LINK) compared to 6 months ago (71m).
Chainlink’s $44 Support Continues to Hold Amidst a Bearish Bitcoin
At the time of writing, Chainlink is trading at $45.12 with the previous all-time high of $44.30 providing adequate short-term support given the current uncertainty brought about by a weak Bitcoin.
The weakness surrounding Bitcoin was the result of Elon Musk announcing that Tesla will no longer be accepting BTC for car payments due to the environmental cost of mining the digital asset. The news shook the crypto-verse with Bitcoin dropping to as low as $46k and Chainlink to $39.227. The latter price level is now an area of interest for Chainlink during the weekly close that is hours away.
If the bearish surrounding Bitcoin continues to pull down Ethereum and altcoins, Chainlink’s support zone between $44.30 and $39.227 should be able to withstand the volatility if BTC maintains a value above $46k during the weekly close.