Chainlink Whales Moved Around $150M In LINK Before Latest Surge: Data

On-chain data shows the Chainlink whales showed some high activity right before the latest surge in the cryptocurrency took place.

Chainlink Whales Made Moves Before LINK’s 3% Surge

As pointed out by an analyst in a post on X, whales and institutional investors have shown an increasing amount of activity recently. The relevant indicator is the “large transactions volume” from the market intelligence platform IntoTheBlock, which keeps track of the aggregate volume of Chainlink transactions larger than $100,000.

Generally, the whales and institutional entities are the only investors capable of shifting such a large amount with a single transaction. These holders carry large balances in their wallets, making them influential on the network.

When the value of this metric is high, it means that these humongous investors are moving around large amounts right now. Such a trend implies that these investors are participating in some trading activity.

However, this metric alone can’t discern exactly what kind of activity it is, as both selling and buying transactions appear the same on the blockchain and count towards this volume.

On the other hand, when the indicator has low values, it suggests that the whales and institutional players aren’t interested in the cryptocurrency as they aren’t making too many moves. Now, here is a chart that shows the trend in the Chainlink large transaction volume over the past few weeks:

Chainlink Large Transactions Volume

As displayed in the above graph, the Chainlink large transactions volume registered a spike recently, implying that the whales had been moving many tokens across the network.

At the peak of this spike, the whales transferred around 20.38 million LINK within 24 hours. This stack would be worth over USD 150 million at the current exchange rate.

It’s uncertain why these humongous holders suddenly showed so much activity, but perhaps the surrounding price action could hint at it. This spike was seen a few days back, and since then, Chainlink has observed some net uptrend.

Thus, the timing of the transactions could suggest two likely possibilities. These large investors bought in anticipation of this rally (perhaps due to some inside information), or their buying is why the price surge found its appropriate fuel in the first place.

Either way, it’s a positive sign that the whales and institutional investors have recently participated in potential accumulation activity. In the coming days, this metric can be the one to keep an eye on, as further activity from these holders could signal that more volatile price action may be ahead.

Once again, though, any future spikes could arise from both buying and selling, so they won’t necessarily be a bullish signal for Chainlink like this latest one turned out to be.

LINK Price

At the time of writing, Chainlink is trading around $0.74, up more than 3% in the past week.

Chainlink Price Chart

Bitcoin Bloodbath: Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000

In a flurry of market activity, false news surrounding the approval of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community. 

False Rumors of BTC Spot ETF Approval Trigger Volatility

Initially reported by Cointelegraph, the news claimed that BlackRock’s iShares Bitcoin Spot ETF had received regulatory approval. 

However, Bloomberg analyst James Seyffart promptly cast doubt on the report’s authenticity, stating that he could not find any confirmation of the news at the time. Seyffart stated: 

I believe this to be fake news. While this would be positive for the things we’ve been saying. I can’t find anything that would confirm this at the moment. 

Subsequently, BlackRock confirmed to FOX reporter Eleanor Terret that the application was still under review, rendering the initial report false.

The repercussions of this misinformation were immediately evident in the market. BTC experienced a brief surge from $27,800 to $30,000 within minutes as traders reacted to the purported ETF approval news. However, as the truth emerged, the market corrected itself, causing a wave of liquidations.

According to data from Glassnode, the aftermath of the surge saw a significant increase in liquidations. Within four hours, $113.75 million in long positions and $78.87 million in short positions were liquidated, reflecting the volatility and sudden reversal prompted by the false news.

The incident also prompted Cointelegraph to apologize for a post that had disseminated inaccurate information regarding the BlackRock Bitcoin ETF. 

The media outlet announced that an internal investigation is underway to determine the source of the misinformation. Cointelegraph stated:

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF. An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.

False Breakout Fails To Dampen Bitcoin Profitable Streak

Despite the false breakout above $30,000, Bitcoin has retained significant profits within 24 hours. Currently trading at $28,100, it remains $1,000 higher than the initial price before disseminating the fake news across all platforms. This marks a 5.1% profit during this period.

Consequently, this positive turn of events has caused Bitcoin to shift from negative to positive figures across various time frames. In the past 7 days, Bitcoin has recorded a 2.6% profit, while over 30 days, it has seen a 6.4% increase. Only in the 14 days was a slight decrease of 0.4%.

Bitcoin

Furthermore, a closer examination of BTC’s 1-day chart reveals its ability to surpass significant resistance levels. Notably, Bitcoin successfully overcame two critical moving averages: the 50-day MA at $27,150 and the 200-day MA at $27,030. 

These moving averages posed major obstacles for Bitcoin’s price after initially dropping below this threshold.

In addition, Bitcoin managed to break through the $28,000 resistance level, which had previously acted as a significant barrier following the false breakout above this mark.

Moving forward, the sustainability of Bitcoin’s current price level and bullish momentum remains to be seen amidst the circulating rumors surrounding the long-awaited ETF decision by the applicants and the US SEC.

Featured image from Shutterstock, chart from TradingView.com 

Bitcoin Whale Addresses See Unprecedented Jump, Is $30,000 Possible?

Bitcoin’s price performance last week may have disappointed investors, but there are indications of a growing momentum as the new week started. Bitcoin spiked up in the early hours of Monday to almost $28,000 before facing resistance that sent it back down. 

It would seem whales have been making moves to push BTC up, as indicated by the increasing number of whale wallets. New Bitcoin mid-whale addresses, meaning addresses holding between 100-1,000 BTC, saw a huge single-day increase recently, according to data from analytics firm Santiment. 

Unprecedented Growth in New Bitcoin Whale Addresses

On-chain data have shown, as was previously reported, that Bitcoin whales are increasing their holdings, with long-term holders adding more than 50,000 BTC to their wallets each month. A similar occurrence took place over the weekend when the number of Bitcoin wallets holding between 100 and 1,000 BTC experienced its largest jump this year. 

An X post by crypto on-chain analytic platform Santiment revealed that this metric grew by 16 more wallets, its largest since February 2022. During the same period, wallets between 10-100 BTC fell, indicating smaller wallets adding to their holdings to proceed to the next tier. 

Bitcoin whales

Will We See BTX Reach $30,000 Again Soon?

Whale addresses have increased by 117 BTC in the past 48 hours, worth roughly $3.2 million, as whales look to push price gains. Although on-chain signals currently point to bearish, the continued influx of investors accumulating Bitcoin could signal higher demand and price appreciation for the leading cryptocurrency. 

With whales stocking up their wallets, the 24-hour trading volume for Bitcoin climbed by 180.15%, and the price of Bitcoin increased by 3.26%. If the current pace is maintained, there is a significant likelihood that it will reach $30,000 by the end of this week. 

This push was likely aided by large amounts of older, stagnant coins that were finally moved. According to Santiment’s “Age Consumed” measure, which tracks the average age of cryptocurrencies that are traded, the most dormant BTX has changed wallets since July.

Bitcoin dormant activity

Bitcoin has a history of being used as a hedge against inflation, but its short-term price trajectory is currently hard to predict. There are many market factors that can either send the cryptocurrency up or spiraling downwards. 

One example is the SEC’s approval of spot Bitcoin applications, which many have hinted could signal the start of a new bull run to new highs. At the time of writing, BTC is trading at $27,740 and is looking to cross over $28,000.

Bitcoin price chart from Tradingview.com (BTC whales)

Bitcoin Takes The Lead As Crypto Funds See Third Straight Week Of Inflows

Despite an array of uncertainties that have dotted the crypto horizon, recent data from Coinshares reveals a continuous faith in the sector, especially the foremost crypto giant, Bitcoin.

Digital asset investment products have seen a steady and positive trend, recording net inflows for three weeks. Amid these inflows, Bitcoin emerges as the most dominant, presenting a robust case for its standing in the market.

Bitcoin Steers The Inflow Wave

According to the latest report by CoinShares, Bitcoin-centric products experienced inflows amounting to $16 million just in the past week. This surge has swelled the year-to-date inflows, positioning them at $260 million. CoinShares’ data also shed light on inflows into Short-Bitcoin funds, which amounted to $1.7 million.

However, the report reveals that the recent data might not reflect the aftermath of the SEC’s decision not to appeal against the Grayscale legal challenge. James Butterfill, the Head of Research at CoinShares, noted:

It is worth noting that our data, which is as of Friday’s close, was unlikely to capture the positive news out of the US regarding the SEC not appealing the Grayscale legal challenge, potentially paving the way for a spot-based ETF in the US.

While Bitcoin held its ground, other cryptocurrencies also showcased noteworthy movements. Solana’s investment products added roughly $3.7 million, building upon the $24 million from the previous week.

XRP maintained momentum, recording its 25th week of positive inflows with an additional $420,000. Butterfill highlighted the continuous support from the “investment community” for XRP, especially in light of the recent “successful legal challenges” against the US Securities and Exchange Commission (SEC).

However, it wasn’t all sunshine and roses. Ethereum funds witnessed a setback, with outflows of $7.4 million. This seemed to neutralize most inflows after the launch of six Ethereum futures exchange-traded funds (ETFs) the previous week.

Butterfill pointed towards potential “protocol design concerns” as a plausible reason. Other digital assets such as Litecoin, Chainlink, and Tezos also witnessed minor outflows of $280,000, $310,000, and $250,000, respectively.

Crypto market weekly fund flows.

Global Inflow Dynamics

Regarding the global distribution of these inflows, Germany stood out, accounting for the bulk of the week’s inflows with $16.1 million. The US and Canada followed suit, with inflows of $2.1 million and $3.5 million respectively.

Interestingly, Sweden was the only European nation to witness an outflow of $7.5 million. Butterfill states that despite this positive net inflow trend, “trading volumes remain 27% below the 2023 average.”

Regardless, Bitcoin, which led the pack in last week’s inflow, experienced a dramatic shift in recent hours. Specifically, the asset witnessed a swift surge above $30,000, propelled by an unsubstantiated rumor by Cointelegraph about the US Securities and Exchange Commission (SEC) approving a spot BTC ETF. The regulator debunked the rumors. 

However, the crypto quickly retraced its steps once the rumor was debunked, particularly by a FOX Business reporter.

At the time of writing, Bitcoin is trading at $28,049, still exhibiting bullish behavior with a 4.3% increase in the last 24 hours.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

Tether Freezes 32 Crypto Addresses Linked To Terrorism In Israel And Ukraine

Tether, the world’s largest stablecoin company, has reaffirmed its commitment to combating cryptocurrency-funded terrorism and warfare by collaborating with law enforcement agencies worldwide. 

The company has frozen 32 addresses containing $873,118.34, allegedly linked to illicit activities in Israel and Ukraine. 

Tether Collaborates With Global Law Enforcement

According to a blog post on October 16, Tether has played a significant role in assisting 31 law enforcement agencies across 19 jurisdictions, freezing $835 million in assets primarily associated with thefts from blockchain and exchange hacks. 

The company’s collaborations span various countries, including Brazil, Singapore, Germany, Canada, Argentina, China, Ukraine, and the United States. By actively engaging with authorities, Tether aims to contribute to the fight against cybercrime and ensure stolen funds are returned to legitimate users. The company further stated: 

Of this, Tether has frozen 32 addresses, containing $873,118.34, that were found to be linked to illicit activity in Israel and Ukraine. Tether has been working with the NBCTF in Israel to counter cryptocurrency-funded terrorism and warfare.

The ability of Tether to freeze and return illicitly obtained funds highlights the traceability and transparency of blockchain transactions. Contrary to common misconceptions, cryptocurrency transactions are not anonymous; they are meticulously recorded on the blockchain, allowing for the tracking and tracing of fund movements. 

CEO Stresses Traceability

The recently announced CEO of Tether, Paolo Ardoino, emphasized that criminals using cryptocurrencies for illegal activities will inevitably be identified. Ardoino stated: 

Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime. We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.

While Tether’s actions demonstrate the industry’s capacity to combat criminal use effectively, some critics within the blockchain industry continue to scrutinize the crypto sector, often neglecting to address the slow or inadequately equipped traditional financial system’s role in combating criminal funding. 

On this matter, Tether’s CEO emphasized the importance of recognizing the traceability and trackability of blockchain transactions, which serve as potent deterrents to illicit activities.

As the stablecoin company behind USDT continues to collaborate with law enforcement agencies globally, the company’s efforts highlight the potential of blockchain technology to enhance financial security and integrity. 

The traceability of transactions provided by blockchain technologies offers a robust defense against cybercrime and illicit financial activities.

As the fight against cybercrime intensifies, continued collaboration between cryptocurrency companies and law enforcement agencies will play a crucial role in ensuring the integrity and stability of the digital asset space.

Tether

Featured image from Shutterstock, chart from TradingView.com