Chainlink's dynamic ecosystem witnesses a surge in new addresses and LINK withdrawals, impacting liquidity and fueling a bullish trend, propelling LINK past the $7 mark.
, equivalent to over $31.5 million. This recent uptick in LINK withdrawals marked a significant increase compared to what was reported earlier this week.
During that period, approximately 35 wallets were created, and roughly $5 million worth of LINK tokens were withdrawn from Binance.The CryptoQuant exchange flow metric indicated that the recent withdrawals have indeed impacted the flow of. The chart illustrated a noticeable increase in outflows over the past few days since these withdrawals commenced.
At the time of this report, the exchange flow was recorded at approximately -247,900, signifying a net negative flow.Additionally, the continuous outflow of these tokens from the exchange has resulted in a liquidity decline of LINK. This reduction in liquidity could potentially trigger scarcity concerns and raise FUD in the market, potentially contributing to an increase in LINK’s price.According to Santiment’s supply distribution chart, there have been notable changes inAddresses with holdings ranging from 1,000 to 10,000 coins and 100,000 to 1 million coins have shown consistent increases during this period.However, the most significant change has been observed in addresses holding 10,000 to 100,000 coins.
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