LINK, the native token of the decentralized blockchain Chainlink, visibly fuels the voracious appetite of a mysterious institutional investor. Since February 5, this famous crypto whale has managed to discreetly purchase tens of millions of dollars in LINK on the Binance platform. A massive and methodical accumulation that questions the identity and motivations of this whale.
A methodical accumulation of Link over several days
It all starts on February 5, 2024. On that day, four new, newly created crypto wallets withdrew a total of 119,583 LINK, or approximately $2.15 million, from Binance in the space of just one hour.
The next day, again. Between February 6 and 7, no fewer than 47 new wallets emptied their accounts on Binance, this time withdrawing more than 2.2 million LINK, for a total value exceeding $42 million.
On February 7, the enormous transfer continued via 49 additional wallets which siphoned off nearly 2.75 million additional LINK. That’s almost $50 million.
So, over the last five days, no less than 55 new wallets have been created to withdraw staggering amounts of LINK from Binance. And this, for a total value already exceeding $83 million.
Behind these freshly generated wallets there is clearly one and only one mysterious investor, who seeks to hide his tracks by dividing his purchases. A classic technique to avoid being spotted discreetly accumulating astronomical amounts of crypto.
The identity of this crypto whale is intriguing
Who could possibly be hiding behind this operation of rare magnitude, methodically extending over more than a week? The hypotheses are rife.
Some suggest the involvement of a hedge fund or an institutional investor. The latter would be attracted by the strong potential of Chainlink in the blockchain and crypto oracle market.
Others downright suspect the involvement of a central bank or even a state! Who would no doubt seek to discreetly accumulate massive amounts of LINK with a view to using it in the future.
In short, every effort is made by this crypto whale to mask its identity and intentions. The LINK in any case seems to have been targeted very specifically. Which could indicate a carefully considered strategy rather than a simple speculative poker move. The mystery remains…
Whether it is an institution, a central bank or a state, this crypto whale in any case seems determined to bet big on LINK in the long term, even if it means using sophisticated techniques to cover its tracks . To be continued in the coming weeks to possibly unravel the mystery of this intriguing whale.
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