Chainlink has reached its highest trading level since January 2022, reaching $18.72 on February 8. This represents a 38% increase in value since the end of the previous month.
The cryptocurrency’s market cap is now close to $11 billion, with recent growth attributed to a significant withdrawal of LINK from exchange wallets.
According to the Lookonchain platform, a large cryptocurrency holder withdrew 2.7 million LINK from Binance, with the funds passing through 49 different addresses. This withdrawal was worth a total of $49.9 million and is believed to have been made by an institutional investor.
In addition, another whale withdrew 494,957 LINK, worth around $9 million, from Binance over the past ten days. Analysis from Santiment also reveals that previously inactive wallets have recently been activated and received a portion of LINK that left exchanges.
The average daily number of active LINK addresses has also reached a high of 6,493 in early February, contributing to the return of the bullish trend. Furthermore, open interest in LINK futures has reached an all-time high of $500 million.
