Lookonchain: $LINK surges, who is behind it? How do whales and smart money operate?

深潮 TechFlow · 2023-10-23T10:33:02.000Z

Written by: Lookonchain Compiled by: Shenchao TechFlow In the past two days, the price of $LINK has skyrocketed. Who drives the price increase of $LINK ? What have whales and smart money been doing lately? In this article, Lookonchain, an on-chain data analysis agency, takes you behind the scenes of the $LINK surge. We note that during the $LINK price increase, South Korean exchanges Bithumb and Upbit acquired a cumulative $940,000 $LINK (valued at $9 million). The price increase of $LINK has a lot to do with Bithumb and Upbit. Bithumb has halted acquisitions and transferred 220,000 $LINK ($2.05 million) 2 hours ago. Subsequently, the price of $LINK also started to fall from its highest point.

Written by: Lookonchain
Compiled by: TechFlow
In the past two days, the price of $LINK has skyrocketed. Who is driving the rise in the price of $LINK? What have whales and smart money done recently? In this article, Lookonchain, an on-chain data analysis agency, will take you behind the $LINK surge.
We note that during the $LINK price rally, South Korean exchanges Bithumb and Upbit acquired a cumulative 940,000 $LINK (worth $9 million).
The rise in $LINK’s price has a lot to do with Bithumb and Upbit.
Bithumb has stopped the acquisition and transferred out 220,000 $LINK ($2.05 million) 2 hours ago. Subsequently, the price of $LINK also began to fall from its highest point.
We analyzed $LINK holders. Exchanges hold 202.6 million $LINK ($1.9 billion, 20.26% of total supply). Holders have staked a total of 37 million $LINK ($355.8 million).
We also discovered many large whales of $LINK.
We have previously shared with this whale of 81 addresses that they have cumulatively purchased 11 million $LINK ($80.32 million) from Binance since September 19th.
This whale, which has 38 addresses (and possibly more), started acquiring $LINK in February, and some of these addresses started selling $LINK in October. This whale currently holds 8.34 million $LINK ($79.22 million).
The whale bought 1.25 million $LINK ($9.5 million value) on-chain at an average price of $7.58 and made a profit of $2.1 million at current prices.
Be wary of whales selling $LINK for profit.
What is the smart money doing after the $LINK price rises? Wallets that make money from $LINK price fluctuations are shorting $LINK. Whale C sold all 38,381 $LINK ($346,000) at $9, then borrowed 38,747 $LINK ($369,000) from Aave and sold it at $9.5.