Chainlink: Whales show appetite for LINK, but not everything was hunky dory

Whale investors have been steadily accumulating LINK tokens over the last 10 days, indicative of a long-term bullish trend.

Notably, whale investors seemed to have provided the impetus to the price movement. According to prominent on-chain sleuth

Martinez, wallets holding between 10,000 to 1 million LINK tokens added four million to their cumulative supply since the beginning of September.As they own a considerable portion of a crypto’s circulating supply, whale investors contribute significantly to price changes through their transaction activity. An increase in whale ownership typically indicates a long-term bullish trend.That being said, the increased interest in LINK’s prospects wasn’t just restricted to large investors.

The growing popularity was also reflected in the increased social buzz for the coin. Coinciding with the price rise, LINK’s mentions on crypto-focused groups on popular social forums like Telegram, Reddit, and Discord surged over the past week.While LINK succeeded in the spot market, the derivatives market proved to be a dampener. According to Coinglass, the Open Interest in LINK futures contracts stayed tepid even when spot prices were on the rise.

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