81 Newly Created Wallets Withdraw 4.7M LINK From Binance Exchange

According to Lookonchain, the smartmoney on-chain analytics platform, 81 newly-created wallets on the Binance exchange embarked on a $LINK withdrawal spree from September 18, 2023. At the time of Lookonchain’s post on the X app, the wallets had withdrawn 4.7 million $LINK, equivalent to $31.58 million from the Binance exchange.

On September 19, Lookonchain suspected an ongoing whale accumulation after noticing unusual $LINK token withdrawals by approximately 35 newly created wallets on Binance. As of the original post, only 755,687 $LINK, worth $5.08 million, had been withdrawn by the newly created wallets. Both the quantity of $LINK, and the number of wallets involved, rapidly grew in the following days to reach the more recent figure of 4.7 million $LINK and 81 wallets.

A Google document attached to Lookonchain’s post provided details of the newly created wallets, the number of $LINK tokens they withdrew, and the corresponding value in US dollars. The most significant whale among them pulled 280,567.67 $LINK, worth $1,882,609.07, out of Binance. Altogether, four whales withdrew more than 200,000 $LINK tokens from the Binance exchange within the observed time frame.

Seven newly created wallets withdrew between 100,000 and 199,999 $LINK, while the remaining wallets withdrew below 99,000 $LINK tokens. Notably, none of the wallets made withdrawals less than 5,000 $LINK.

$LINK is the native cryptocurrency of Chainlink, a blockchain abstraction layer that enables universally connected smart contracts. Between September 15 and September 19, $LINK rose from $6.15 to $7.04, gaining 14.54%. The price retraced to $6.59 but has since resumed its movement in the upward direction.

Data from TradingView shows $LINK to be trading for $6.75 as of the time of writing, with a developing bullish candle on the daily chart.