Chainlink whales have significantly increased their LINK holdings. This comes after the token's balance on crypto exchanges dropped significantly, indicating heightened bullish sentiment.

Onchain data provider Santiment revealed that the 200 largest LINK wallets recently increased their holdings by over $50 million. These addresses have accumulated a total of 746.57 million LINK, worth approximately $11.84 billion.

Chainlink whales continue shopping

This accumulation coincided with a significant decrease in LINK balances on exchanges. Typically, a decrease in exchange balance is considered a bullish signal, indicating a shift towards long-term holding and less selling pressure.

Onchain data confirms that LINK supply on exchanges has plummeted to around 102 million LINK tokens, the lowest in more than a year.

Chainlink whale balance. Source: Santiment

Additionally, Chainlink's v0.2 staking upgrade has attracted renewed interest in the ecosystem. Data shows that users have staked over the 40.87 million to 20 million LINK limit.

These figures, combined with the positive sentiment currently flooding the market, have caused LINK's price to increase. Chainlink has demonstrated a notable 189% price increase year-to-date compared to Bitcoin's 150% increase.

LINK price performance. Source: TradingView

During this time, the network's Crosschain Interoperability Protocol (CCIP) has been widely adopted by large traditional institutions, including global financial messaging network Swift and South Korean gaming giant Wemade.

“Chainlink is a platform that has now gone beyond being the leading decentralized data source, to becoming the leading method for computing offchain trust mitigation, and is now on its way to becoming the leading crosschain connectivity standard. leader on both Web3 and TradFi/Banking,” Chainlink co-founder Sergey Nazarov said.

An error was detected in Chainlink's price feed

Despite the onchain activity, Silo Labs has reported an error in Chainlink's wsETH/ETH price feed on Arbitrum, leading to the liquidation of five positions. The error stems from two important transactions made on Balancer v2 on December 2.

“These transactions are quite large and may have been taken into account in the VWAP calculation by data provider Chainlink on Arbitrum. Reported prices may be representative of the market by volume at a given time,” Silo Labs said.

Chainlink price feed error. Source: Silo Labs

Silo Labs ensures that this isolated error does not pose a systemic risk. However, this platform pledges to refund affected users for any incurred expenses.

Silo Labs is an Ethereum-based isolated lending marketplace and Arbitrum layer 2 scaling solution.

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