Whale Investor Shifts 250k LINK Worth 3.72M to Kraken as Prices Fall 6%

A prominent investor, known by their wallet address 0x3c9, has made substantial deposits of $LINK tokens to the Kraken exchange platform in a notable series of crypto transactions. Over the past five days alone, this investor has transferred a total of 250,000 $LINK, valued approximately at $3.72 million, into Kraken.

According to an onchain analyst, Data Nerd, the latest transaction occurred just two hours ago, with the investor depositing 50k $LINK, equivalent to roughly $682k, into their Kraken account. This follows a pattern of similar large-scale deposits over the week, consistently involving the same quantity of $LINK tokens. 

Apart from $LINK, the investor also holds a diverse portfolio across blockchain networks. Notably, the wallet holds 31,793 $ETH and 138 $WBTC, along with a substantial amount of 70,000 $LINK tokens within the Spark and AAVE ecosystems.

Current evaluations by the Arkham Intelligence platform place the total worth of this investor’s wallet at an impressive $43.024 million. However, the same assessment also illuminates a noticeable downturn, with the wallet witnessing a contraction of 2.93%, equating to a financial loss of $1.27 million, as per the latest data fetched during writing. This contraction is partly attributed to the recent decline in the valuation of the LINK token.

Regarding the shifts in market dynamics, the LINK token currently exchanges hands at $13.69, evidencing a 6.67% decrement within the last 24 hours. This decline is reflective of a more extensive trend, with the token depreciating by 11% over the preceding week and by 15% in the last month.

LINK/USD 1-Day Chart (Source: Coinmarketcap)

Despite these declines, the LINK token maintains a significant market presence. Valued at $8.04 billion, it secures the 15th niche in the cryptocurrency market capitalization ranks, marking a retreat of 6.67%.

In stark contrast to the decline in value, the trading volume for the LINK token has swelled by an impressive 103.50% within the preceding day, culminating at $484 million, as chronicled by CoinMarketCap. This pronounced surge in transactional activity intimates that, notwithstanding the dip in market prices, the allure of the LINK token for investors remains undiminished and vigorous.