Chainlink (LINK) has recorded substantial withdrawals from centralized exchanges in recent weeks, coinciding with notable price appreciation, suggesting long-term investor accumulation and balanced market sentiment.
Approximately 3.86 million LINK tokens, valued roughly at $51.26 million at the time of withdrawals, flowed out of exchanges since June 20. This large outflow directly correlates with strong price action for LINK.
The cryptocurrency demonstrated significant resilience, rallying nearly 12% over the past week despite minor pullbacks. Supporting this bullishness, derivatives trading volume surged, jumping 54.13% to hit $611 million within a single 24-hour period, alongside persistently bullish funding rates indicating robust buying demand.
Technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) currently suggest a phase of short-term consolidation and balanced speculative interest. Market analysts interpret the declining balance of LINK on exchanges as potential movement towards staking or secure long-term storage, reflecting sustained confidence in Chainlink’s fundamental long-term value proposition.