Giant Institutional Investor With 81 New Wallets Accumulates This Altcoin Today

Chainlink (LINK) holders are back in the accumulation phase as the price of the altcoin drops. Onchain analysts observed that over the last few hours, six token holders accumulated a total of 327,751 LINK from Binance, equivalent to $2.4 million.

Each of these cryptocurrency addresses currently holds over $800k in LINK and has not engaged in any trading activity other than accumulating LINK.

About a month ago, on September 15, a total of 81 new wallets were created and began withdrawing LINK from Binance on September 18. These wallets have since withdrawn a total of 4.7 million LINK worth $31.58 million.

Following the drop in LINK’s price, today the institutions associated with these 81 wallets began accumulating tokens once again, adding another 575,632 LINK ($4.2 million) to their holdings. This institution has accumulated a total of 7.66 million LINK from Binance since September 19, equivalent to $56 million.

Chainlink price has lost approximately 6% of its value since yesterday and is trading at $7.24 at the time of writing, falling from $7.60.

Chart with 4-hour candles showing the recent decline in the LINK price.

*This is not investment advice.

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