Chainlink (LINK) whales have been selling their stacks

Chainlink (LINK) has been trending year-over-year, fueled by the real-world assets (RWA) narrative, attracting retail investors and increasing in price. Meanwhile, Chainlink whales have apparently been decreasing their exposure to the token, likely selling their large holdings over time.

Chainlink (LINK) Whale USD balance non-exchange. Source: Santiment / Vini Barbosa (@vinibarbosabr)

I used this new metric on Santiment, tracking the U.S. dollar value from Chainlink whales. Essentially, the metric considers a whale any address holding over $2 million in sight of LINK’s $10 billion market cap.

As observed, these holdings have dropped from $550.56 million on June 4, 2023, to $464.65 million by press time. Notably, LINK was trading at $6.07 one year ago, more than doubling in price currently at $17.6. This highlights an even higher drop in whales’ holdings measured in LINK, raising a relevant signal to the cryptocurrency market.

In contrast, Ethereum (ETH) whale balances have increased throughout these 12 months, following the year-over-year price trend.

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