ChainLink Supply on Exchanges Hits Lowest Level Since December 2017, Whales Keep Accumulating

CryptoMode Chainlink Price

Even though most altcoins get overlooked quite often, they can provide some very interesting statistics. The number of ChainLink tokens across exchanges and trading platforms has hit the lowest point since December 2017. Several factors contribute to this trend, indicating some healthy ecosystem growth. 

ChainLink Balances on Exchanges Decrease

Unlike most cryptocurrencies, LINK is one of those assets that isn’t too easy to come by across exchanges. In 2018 and 2019, that situation was very different. During those times, finding a total of 120 million LINK on trading platforms was not unusual. Today, the figures look very different once again. 

Many ChainLink holders have begun moving their assets off exchanges in the second half of 2019. That trend still continues today, making it all the more scarce. The higher the value of LINK goes, the fewer of them are found on exchanges. Just over 77 million LINK is still in exchange wallets, despite the price surpassing $4.5 in quick succession.

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If the funds are not on exchanges, one has to wonder where everything is being stored. User wallets, for example, are a likely source of LINK balances under the current circumstances. There is also a hefty increase in smart contract balances, indicating that something is happening behind the scenes. 

The Rich List Keeps Accumulating

Similar to behavior by Bitcoin holders, ChainLink whales are accumulating LINK whenever possible. Since mid-2019, the supply percentage owned by the top 1% addresses has increased significantly. This is further confirmation of heavy accumulation taking place. This process isn’t slowing down despite a recent LINK price surge, which is very intriguing. 

As of right now, over 75% of the entire ChainLink supply is owned by the top 1% addresses. Compared to late June 2019, this is a near 50% increase. Whales are effectively buying up this coin for the future, albeit it remains to be seen what their end game will turn out to be. 

Smart Contract Supply Rises

Contributing to the overall bullish momentum for ChainLink is the LINK supply in smart contracts. This segment has undergone major growth in recent months as well. Over 50% of the entire supply is locked in smart contracts.

Considering how the top 1% addresses firmly control the supply, some of these smart contracts will overlap with the 1%, for obvious reasons. All of these factors seem to confirm that ChainLink is an asset to watch in the second half of 2020. No one knows what the future holds, but all of these findings are remarkable, to say the very least. 

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