Whales are aggressively accumulating those 2 Altcoins

The cryptocurrency market has had a very active day over the past 24 hours. Transfers tracked by blockchain data trackers have revealed millions of dollars worth of cryptocurrency circulating between wallets. These transfers have mostly taken place in Mesh sweater (LINK) and Ethereum (ETH) tokens and have attracted the attention of investors. The reasons behind these mysterious transfers are a matter of curiosity. Experts assess that the transfers involve several possibilities and can bring important signals to the market. In this news, we will take a detailed look at the LINK altcoin projects and ETH transfers.

LINK, a major altcoin project, is in the spotlight of whales

THE cryptocurrency market has seen some interesting transfers in the last 24 hours. According to blockchain data tracker The Data Nerd, on July 7, 3 new addresses withdrew a total of 329,700 LINK tokens from decentralized exchanges (CEX). The value of this transfer is approximately $4.18 million.

The rest of the news includes data dated July 6. According to the follow-up of the account named @ai_9684xtpa, 10,798 ETH accumulated over the past month by decentralized exchange giants Binance and Coinbase is approximately $32.54 million. The notable part of these transfers is that 4,472 ETH (approximately $13.41 million) have been withdrawn to on-chain addresses in the past hour. These two addresses are estimated to belong to an institution, which has so far deposited 3,616 ETH to the Ethereum beacon chain.

These transfers reveal the activity in the altcoin market. However, the reasons behind these transfers are still unclear. Experts say that there are several possibilities for three new addresses in particular to attract large amounts of CONNECTION tokens.

Why are transfers important?

The Chainlink (LINK) network is known as a decentralized oracle network that provides reliable data to smart contracts. Therefore, the LINK token plays a vital role in the secure and error-free operation of smart contracts. Large LINK withdrawals from decentralized exchanges can be significant for several reasons. First, it could increase investor confidence in the CONNECTION token. Tokens withdrawn from decentralized exchanges are often transferred to on-chain wallets, reducing the supply of tokens on exchanges. This shift in the balance of supply and demand can lead to an upward movement in the price of the token.

Another possibility is that investors may turn to yield-generating DeFi protocols such as staking or yield farming. Locking LINK tokens in these protocols can earn the investor interest or additional tokens. Finally, these transfers may also be a signal of institutional investors entering the LINK market. Institutions can make long-term investments by purchasing large amounts of CONNECTION token or choose to take advantage of the DeFi protocols mentioned above.

ETH Transfer and Big Investors

Another important piece of information is that 10,798 ETH accumulated over the last month have been transferred to on-chain wallets in the last hour. It is also noteworthy that the institution believed to be responsible for this transfer has deposited part of the transferred ETH to Ethereal beacon chain. ETH deposited on the Ethereum beacon chain is used in the Proof-of-Stake (PoS) consensus mechanism that ensures the security of the Ethereum network. This investment demonstrates the institutions’ confidence in the future of the Ethereum network and their long-term investment strategies.

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