Chainlink whales took advantage of last week’s crypto downturn to increase their holdings, according to on-chain data. On Monday, crypto analyst Ali Martinez shared details revealing that large holders of Chainlink acquired more than 6.2 million of the cryptocurrency over the past week. The total value of these acquisitions was over $76.8 million.

Martinez’s analysis highlighted that

#Chainlink whales have snapped up over 6.2 million $LINK this past week, totaling approximately $76.88 million!

Top Whales Hold 502 Million LINK

Data from IntoTheBlock indicates that holdings in the 10k – 100k bracket increased by 1.94% over the past month. Meanwhile, whales with 100k-1 million LINK saw their holdings grow by 4.57% during the same period. Currently, 19 whale addresses (holding between 10 million and 100 million LINK) possess about 502 million LINK. This amounts to roughly $6.2 billion at present prices, representing 50.29% of the whale cohort’s concentration.

Additionally, whales in the 100k – 1 million LINK category number 481 and collectively hold 127.63 million tokens worth about $1.57 billion. There are also 83 addresses that hold between 1 million and 10 million tokens, combining for a total of 195.9 million LINK valued at $2.42 billion.

The total supply for Chainlink is 1 billion LINK, and IntoTheBlock data shows that the circulating supply currently stands just above 608 million LINK.

Whales Buy LINK Dip

This recent whale activity suggests a bullish sentiment towards Chainlink, despite a price drop to $11.15 on July 5. Since then, Chainlink’s price has rebounded to above $13.20, showing a 6% surge in the past 24 hours.

Over the past few months, Chainlink has made significant strides with various key network developments and integrations. Noteworthy among these is the recent partnership with Fidelity International and Sygnum. This collaboration aims to leverage Chainlink’s oracle technology and infrastructure to support Fidelity International’s $6.9 billion money market fund.

Moreover, LINK saw substantial gains following a strategic partnership between Chainlink and Telefonica, a Spain-based telecommunications giant. The project aims to utilize Chainlink Labs’ tools to enhance the security of Telefonica’s network and protect users against SIM Swap hacks.

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