Traders Withdraw 1.5M LINK, Bullish Sentiment Grows
- Over 1.5 million Chainlink (LINK) tokens have been withdrawn from exchanges in the past seven days.
- The profitability of LINK wallets has increased from 35% to 41% within a month.
- The market for Real World Asset (RWA) tokens is growing, strengthening LINK’s long-term potential.
- Open interest for LINK has slightly decreased, but positive funding rates indicate optimistic traders.
Decline in Chainlink Exchange Reserves
In the past seven days, over 1.5 million LINK tokens have been withdrawn from crypto exchanges. This suggests that many traders prefer to hold their tokens rather than sell them. Data from CryptoQuant shows that the number of deposit addresses has also decreased—from 546 on September 20 to 398. This indicates that most traders who withdrew their tokens from exchanges are not looking to sell them in the short term.
Increasing Wallet Profitability
Another reason for the increased interest in LINK could be the rise in wallet profitability. According to data from IntoTheBlock, 60% of LINK wallets were in loss in August. This figure has now decreased to 55%. At the same time, the proportion of profitable wallets has increased from 35% to 41%. This development could lead traders who are now making profits to hold onto their tokens to maximize their gains.
Growth in the RWA Market
Another factor strengthening Chainlink’s long-term potential is the growth in the Real World Asset (RWA) token market. According to CoinMarketCap, the market capitalization of RWA tokens has grown from $27 billion to $31 billion in the last 30 days. Chainlink plays a significant role here, accounting for 24% of the RWA market, which translates to a market capitalization of $7.65 billion. This could be another reason for the increased confidence in LINK’s long-term value.
Decreasing Open Interest
Although the long-term outlook for Chainlink appears positive, data from Coinglass shows that open interest for LINK has decreased by 4% to $185 million. This suggests that some traders are closing their positions. However, funding rates remain positive, indicating that more traders are betting on price increases rather than declines. This shows that despite the drop in open interest, optimism among traders persists.
Our Assessment
The decline in Chainlink exchange reserves and the increasing wallet profitability point to growing confidence in LINK’s long-term value. The growth in the RWA market reinforces this positive trend. Despite a slight decrease in open interest, funding rates remain positive, indicating a continued optimistic stance among traders. Overall, the sentiment around Chainlink seems to be bullish, supporting the potential for future price increases.
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