Crypto intelligence firm Glassnode says ChainLink bulls are wiping out wave after wave of sell pressure as LINK enters the list of the 10 largest cryptocurrencies by market cap.
A new Glassnode Insights report says exchanges have witnessed a significant surge in LINK deposits over the last few weeks, suggesting that early investors were incentivized to unload their ChainLink holdings as the cryptocurrency soared in value.
“On July 4th, the number of LINK exchange deposits reached an ATH, with ~5000 individual deposits totaling nearly four million LINK (worth almost $19 million at the time)… Then, on July 13th, LINK exchange deposits spiked again (albeit less intensely than the previous spike).”
Despite the surge of ChainLink deposits to crypto exchanges, on-chain metrics show buyers are outmuscling sellers.
Glassnode says exchange withdrawals skyrocketed to its second-highest level, indicating that those who recently bought LINK plan to HODL.
The considerable growth in addresses that hold non-zero LINK balance supports the idea that market participants are bullish on the crypto token. The metric posted a new all-time high this month, suggesting the rising number of LINK HODLers.
ChainLink is now the 10th largest cryptocurrency with a market capitalization of $2.778 billion.
Investors who bought LINK at the earliest listed price are now up over 4,970%. On July 13th, the decentralized oracle network printed a fresh all-time high of $8.33, according to CoinMarketCap.
[adinserter block="1"]
