Big whales have been accumulating a lot of chainlink; in just 30 days, these addresses have acquired 57 million LINK tokens, valued $855 million.

In a post on X today, well-known on-chain data company IntoTheBlock highlighted this remarkable statistic. Despite the market volatility that caused Chainlink to lose part of the gains made during the late 2023 rise, this accumulation effort was successful.

Pattern of Chainlink Whale Accumulation

Data from IntoTheBlock's Chainlink Large Holders Netflows chart shows an intriguing pattern in relation to LINK's price movement.

Notably, these addresses went on a big buying frenzy in the first two days of January, adding over 4 million LINK to their balances every day.

At that point, the positive trend from the previous year carried over into the new year, and LINK held the $15 price level. But on January 3, there was some market volatility, which caused Chainlink to fall below the psychological levels of $15, $14, and $13.

Chainlink Large Holders Netflow | IntoTheBlock LINK fell to a low of $12.20, setting off a massive selloff trend. As selling pressure increased, large LINK whales dumped nearly 2 million tokens. Though it took a week for LINK to rise above $15, it eventually recovered from the decline.

It's interesting to note that these whales kept acquiring more assets during the one-week downturn that Chainlink experienced.

Comparable to a "buy-the-dip" moment, this phase featured the greatest number of straight days of steady accumulation, with daily purchases exceeding 4 million LINK for five days.

This prolonged accumulating phase eventually came to an end on January 10, when Chainlink fell below the barrier two days later after retesting $15. In the days that followed, these whales showed irregular buy and selloff behaviors, but buys dominated sales for the most part.

Based on information from the IntoTheBlock chart, the accumulation stopped on January 24 and didn't pick up again until January 29. nearly the course of the 30-day timeframe, the whales acquired nearly $855 million worth of LINK, indicating their faith in the token's future.

Pressure to Sell Drops as LINK Aims for $17

Selling pressure has significantly decreased as Chainlink aims to the December 2023 high over $17. LINK reserves on centralized exchanges have decreased since yesterday, reaching lows last seen earlier this month, according to noteworthy CryptoQuant statistics.

More data shows that investors have continued to remove their LINK from exchanges, most likely so they could keep onto them for a very long time. As to the Chainlink Exchange Netflows, more over 1.392 million LINK were eliminated from exchanges today.

This is the biggest intraday LINK withdrawal from centralized exchanges in more than a year, according to data from the chart. In the meantime, LINK has increased by 5% over the last day by taking advantage of the lessening selling pressure and the rebound in Bitcoin. The asset is now trading at $15.17.