ChainLink transactions into Binance reach $16 million indicating a bullish trend?
The value of the Chain Link (LINK) transactions into the Binance, which is a crypto exchange has hit an all-time high of $16 million. This was reported by Glass node, who also made the following tweet:
Based on our exchange data, yesterday we observed almost 5,000 #LINK transfers onto #Binance wallets.
This resulted in a daily net transfer volume into the exchange of more than $16 million USD worth of $LINK – the largest we've seen so far.
Chart: https://t.co/fatKTwet5A pic.twitter.com/WU81rtQesK
— glassnode (@glassnode) July 5, 2020
In the last 24-hours, there have been 5,000 LINK transfers into Binance which indicated this value of $16 million was transferred from 5,000 LINK into the exchange. It is to date, the largest inflow, in terms of volume.
The high influx from LINK suggests a local top
The magnitude of $16 million in LINK flowing into Binance, indicates the possibility that LINK investors are about to sell.
The number of ChainLink (LINK) investors has doubled since the beginning of 2020
Since the number of ChainLink (LINK) investors has doubled since the beginning of 2020, there might be a chance that the LINK’s pending correction might be a slow one.
According to the team at Flipside Crypto, the surge in LINK holders can be linked to the fact the project has just been launched and the investors are investing in as a means of speculation. They explain:
Mapping out the distribution of LINK’s active supply shows that most of the activity is happening between users and exchanges…
The fact that users are trading their tokens on exchanges reflects the token’s increasing value. The protocol is still young and has already inked cross-industry partnerships with Google and Tezos for example
Moreover, ChainLink (LINK) is flourishing in the crypto markets because of De Fi boom:
…a lot of LINK was deposited on decentralized lending platforms. A good example of this is the Aave platform, which currently holds $34M in LINK for users to borrow and pay interest on.
