Over $250 million worth of Chainlink (LINK), the leading blockchain oracle service, has been observed making its way towards cryptocurrency exchanges.

According to analyst Ali Martinez, traders deposited millions of LINK to digital asset exchanges within a 24-hour period on June 22nd, with the intention of selling them on the open market.

“Within just 24 hours, approximately $256.20 million worth of Chainlink (LINK), equivalent to 18.77 million tokens, were sent to cryptocurrency exchanges!”

Source:
Ali Martinez/X

Since the tokens were sent to exchanges, the value of LINK has dropped, and it is currently being traded at $13.03.

Taking a look at Ethereum (ETH), Martinez reveals that the top smart contract platform has recently experienced its highest surge in daily active addresses since March.

“In the span of three months, Ethereum has witnessed a significant spike in the number of active ETH addresses, reaching a total of 617,170.”

Source:
Ali Martinez/X

Furthermore, based on social media metrics, the analyst states that there is a growing sense of confidence in Ethereum within the online community.

As of now, Ethereum is being traded at $3,375.

Regarding Bitcoin, Martinez notes that the interest from investors seems to be diminishing.

“There has been a decline in on-chain activity related to Bitcoin exchanges, indicating reduced investor interest in BTC and lower network usage.”

Source:
Ali Martinez/X

At present, Bitcoin is being traded at $62,265.

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Disclaimer: The opinions expressed in The Daily Hodl are not intended as investment advice. Investors should conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that all transfers and trades are conducted at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.

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