©Reuters
GLOBAL MARKETS – As the cryptocurrency market loses its grip, the significant movements of altcoins like Chainlink (LINK) and Maker (MKR) by whale wallets are attracting attention. Two notable whale wallets were particularly active on the Binance exchange on Wednesday, signaling a potential shift in investor interest.
A whale wallet, identified as 0xE68E, made a substantial withdrawal of 3,150 MKR, with an estimated value of between $4.55 million and $4.6 million. Another wallet, known as 0x8ead, moved 136,146 LINK out of Binance, worth around $2.05 million. Over the past nine to ten days, this same wallet has moved a total of 384,006 LINK, worth approximately $5.79 million, off the exchange.
These significant transactions are noteworthy as they suggest a decrease in selling pressure for LINK and MKR on exchanges. When large amounts of cryptocurrencies are removed from exchanges, it is often an indication that investors are choosing to hold their assets for the longer term, rather than selling them on the open market. This removal of LINK and MKR from Binance comes at a time when Bitcoin’s dominance is waning, and investors may be looking for other investment opportunities within the crypto space.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.