Whales Like Chainlink (LINK) it Seems

According to analytics platform Lookonchain, the last week saw 54 new wallets withdrawing a whopping 2.08 million LINK worth US$30.28 million

While the Chainlink (LINK) price has been struggling despite institutional interest lately, it appears that big whales are withdrawing bulk LINK from their wallets.

According to on-chain analytics platform Lookonchain, 54 new wallets withdrew a total of 2.08 million LINK (approximately $30.28 million) in the last week.

As we have previously reported, the Chainlink price has increased as big whales withdraw significant amounts of LINK from their wallets. It showed an upward trend together.

However, no effect on the price increase is observed in this time's shots. LINK price has fallen more than 5 percent in the last 24 hours and is still down 22 percent on a monthly basis. Currently, one LINK is trading for about $13.67 (about $20.37).

This price development may seem strange because Chainlink is one of the ecosystems that constantly delivers positive news and stands out with developments and collaborations.

Just yesterday, Swiss digital asset banking group Sygnum announced that they will be working with Fidelity International and Chainlink on a new project to move Net Asset Value (NAV) data on-chain for Fidelity International's $6.9 billion money market fund.

Fidelity International and Sygnum will move NAV data on-chain initiative

Syngum announced, "Recently, Sygnum issued on-chain representation of Fidelity International's $6.9 billion Institutional Liquidity Fund."

He also said, "$50 million of Matter Labs corporate treasury reserves, Fidelity International currency It is held in the market fund and mined on the ZKsync blockchain, a member of the Chainlink Scale program.” He said.

Chainlink integration provides real-time, secure on-chain reporting and synchronization of NAV data, which is critical for the traditional fund industry. This provides transparency and access to historical data for Sygnum and its customers, and increases the functionality of tokenized assets.

Additionally, Chainlink offers a cross-chain method to distribute NAV data across various blockchains and off-chain systems, ensuring cross-chain interoperability and dynamic It supports synchronization. This ability allows programmable assets to remain current in any environment.

Chainlink co-founder Sergey Nazarov emphasized the importance of the development:

Nazarov also spoke about the transformative nature of tokenization:

The analyst revealed the trading metric to watch

LINK as a digital asset When it comes to cryptocurrencies, we see analyst Michaël van de Poppe say that it is important to look at the right charts.

The reasoning behind this is that Bitcoin is the benchmark cryptocurrency and provides the fundamental value against which the strength or weakness of other cryptocurrencies can be compared. By comparing the value of an altcoin to Bitcoin, you can gain insight into whether the altcoin is performing well or poorly compared to Bitcoin.

In this way, general market movements driven by the price of Bitcoin can be distinguished from specific movements driven by factors specific to that altcoin . Also, both Bitcoin and an altcoin may be losing value against the US dollar, but if the altcoin is losing more slowly, the BTC pair indicates the relative strength of the altcoin that the USDT pair may not.

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