Chainlink Is Withdrawing LINK Off Exchanges To Stake The Token

Beginning Tuesday, Chainlink will provide qualified users early access to stake LINK tokens.

According to Nansen, “smart money” wallets have started removing LINK tokens from crypto exchanges, presumably signaling that users want to stake them.

When investors intend to custody their coins themselves for security and long-term holding, they may transfer coins out of centralized exchanges.

Chainlink Staking v0.1 will be available for early access on December 6 at 12 p.m. ET, and full access will be accessible on December 8.

Nansen stated that “smart money” Chainlink net flow to exchanges for LINK in the last seven days was down nearly 67,000 tokens, indicating that LINK withdrawals outnumber deposits.

LINK holdings on the Binance platform have decreased by 7.1 million tokens throughout the time. The aggregate amount of LINK on Crypto.com, Kraken, OKX, Coinbase, and Gemini exchanges decreased by about 951,000 tokens.

In the last seven days, LINK had a large negative outflow from exchanges of approximately $38.9 million.

At the time of writing, LINK is trading at $7.2.

LINK daily chart. Source: Coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

23 mins ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

1 hour ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

1 hour ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

2 hours ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

3 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

3 hours ago

This website uses cookies.