Could this be the reason for the increase in LINK stakes?

Jafar224

In the past two weeks, 83 new wallets have accumulated LINK. Over 11 million LINK tokens have been withdrawn from Binance. Chainlink [LINK] has kicked off the month with a significant price surge. With the increase in its value, certain wallets have intensified their accumulation efforts. Considering the substantial withdrawal activity from exchanges, is there a noticeable uptick in the LINK stakes?

Intensification of Chainlink Accumulation
Data from Lookonchain indicates a sharp increase in Chainlink accumulation over the past two weeks. Analysis reveals that during this period, 83 newly created wallets withdrew over 11 million LINK tokens from Binance [BNB]. At the time of writing, the total value of these withdrawn tokens exceeds $216 million USD.

AMBCrypto's examination of the Netflow indicator since February 5 consistently shows negative values. At the time of writing, the outflow volume of LINK from exchanges exceeds 262,000 transactions. This suggests that in recent weeks, the outflow has surpassed the inflow, aligning with the observed accumulation trend in Lookonchain data.

Rising Number of LINK Stakes
As the number of Chainlink withdrawals from exchanges continues to rise, holders are faced with the decision to either hold (HODL) or stake to maximize returns. AMBCrypto's research on the staking indicators from DefiLlama shows an interesting correlation - the staking volume started to rise in early February, coinciding with the observed accumulation trend.

On February 1, the stakes were approximately $680 million USD. However, at the time of writing, the trading volume has surged to over $878 million USD. This indicates a potential connection between the increase in accumulation and the rise in staking activity.

LINK Enters a New Price Range
Chainlink's price has consistently shown an upward trend since early this month, as evident in its daily schedule. Starting around $17 USD, it has steadily climbed into the $20 USD price range. As of the closing on February 17, it has increased by 2.41%, reaching a new $20 USD price range.

Kabir903

I really don't understand this wallet.

Yamini003

It is still necessary to choose wallets with strength for trading.

Iravan774

The new price range is not something determined by oneself.