Chainlink (LINK) experienced a significant price surge today, fueled by substantial outflows from centralized exchange wallets. Analyst Ali Martinez noted a large spike in the LINK Exchange Outflow on X, indicating investors are moving tokens to self-custodial wallets.
In the last 24 hours, over 3.32 million LINK, valued at $50.91 million, were withdrawn from exchanges. This outflow spree suggests potential accumulation by whale entities anticipating a price rally.
Following this outflow, Chainlink has seen a sharp recovery, rallying by almost 14% to around $15.3 today. Ethereum has also experienced significant outflows recently, preceding its own recovery rally.
This article is based on our author's analysis of materials taken from X and CryptoQuant.