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.

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.

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