Chainlink rises 40% in one month — Whale gets $50 million | CoinDesk JAPAN

One of the hottest scenarios in the crypto industry right now is the tokenization of real world assets (RWA). On a related note, the price of Chainlink’s LINK, a blockchain data “oracle” (or a service that sends external data to the blockchain, or something like that), has surged about 40% in the past 30 days, with some crypto Asset Wallet appears to have obtained more than $50 million (approximately 7.5 billion yen, equivalent to 1 dollar = 150 yen).

According to on-chain analysis tool Lookonchain, one of the largest investors, commonly known as the “whale,” withdrew 2.7 million LINK from crypto exchange Binance using 49 new wallets during this period. At the time, LINK’s price had risen to a 22-month high and its market capitalization had reached $10 billion.

According to Lookonchain, one of the wallets reportedly transferred more than $9 million (approximately 1.35 billion yen) of LINK tokens from the exchange in the past 10 days. According to a public database created by the company, each wallet holds between $230,000 and $3.5 million in LINK.

Whales/institutions continue to accumulate $LINK!

This mysterious whale/institution withdrew 2,745,815 $LINK($49.9M) from #Binance via 49 new wallets.

Whale”0x2A19″ withdrew 494,957 $LINK($9M) from #Binance in the past 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf

— Lookonchain (@lookonchain) February 7, 2024

CoinDesk has not been able to confirm whether these wallets belong to a single owner. Tracking applications Akrham and CryptoQuant are not labeled as being linked to any particular custodian service or exchange.

Reason for bullishness

In January, analysts at K33 Research said LINK was the safest way to profit from the increasingly hot RWA tokenization story. Tokenization allows assets such as gold, stocks, and real estate to be traded as digital tokens on the blockchain. According to Boston Consultancy Group, the value of tokenized RWA could reach $16 trillion by 2030.

Also in January, Chainlink connected its CCIP (Cross-Chain Interoperability Protocol) with stablecoin issuer Circle Internet Financial’s CCTP (Cross-Chain Transfer Protocol), allowing users to has made it easy to transfer the stablecoin USD Coin (USDC). This partnership will enable developers to build cross-chain applications involving Circle’s USDC, including payments and other DeFi interactions, further enhancing LINK’s fundamentals.

The dollar value locked in open futures contracts tied to LINK has more than doubled in the past few months to $520 million, according to CoinGlass. In terms of cryptocurrency, open interest has increased rapidly by 62% to approximately 30 million LINK.

An increase in open interest means an influx of new funds into the market. This trend is said to be confirmed if the price increases as open interest increases.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Chainlink
｜Original text: Whales Grab $50M in Chainlink’s LINK as Price Climbs 40% in a Month