More than $250 million worth of Chainlink (LINK) has been observed making its way to cryptocurrency exchanges, according to analyst Ali Martinez. In a span of 24 hours on June 22nd, traders deposited around 18.77 million LINK tokens, equivalent to approximately $256.20 million, to digital asset exchanges for potential sale on the open market. Since then, the value of LINK has declined, with the current trading price at $13.03.
Martinez also highlights a significant increase in daily active addresses on the Ethereum network, indicating a surge in user activity. In fact, Ethereum has just experienced its largest spike in active ETH addresses in the past three months, reaching a total of 617,170 active addresses. Additionally, social media metrics suggest that confidence in Ethereum among the general public is growing. Currently, Ethereum is being traded at $3,375.
On the other hand, Bitcoin seems to be facing a decline in interest from investors. Martinez notes a decrease in exchange-related on-chain activity for Bitcoin, which suggests a reduced interest in BTC and a decrease in network usage. As of now, Bitcoin is being traded at $62,265.
It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and it is not an investment advisor.
