Chainlink Exchange Reserves at 7-Day Low – What’s Going On
Contributor
- In the last week, over 1.5 million LINK tokens have been withdrawn from cryptocurrency exchanges.
- A surge in wallet profitability and growth in RWA tokens have contributed to the positive sentiment surrounding LINK.
Chainlink [LINK] has experienced a decline of 2.5% over the past day as many cryptocurrencies faced a downturn following a lackluster weekend.
At the time of writing, LINK was valued at $12.20, although it remains up by 7% over the previous week.
Despite this recent decrease, exchange data indicates that traders are hesitant to sell as LINK’s exchange reserves have reached a seven-day low.
An analysis from CryptoQuant reveals that more than 1.5 million LINK tokens were withdrawn from exchanges last week.The drop in reserves implies that traders are moving their tokens off exchanges and may be holding for extended periods./s
panjuri”|” The fall in reserves indicates that traders are removing their tokens from exchanges with intentions to hold them long-term/sb>
This similar pattern was observed in deposit addresses, where numbers decreased from 546 to 398 on September nn/sb>
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This indicates a majority of traders withdrawing do not wish to sell.
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