In the past five weeks, the value of altcoin Chainlink (LINK) has soared by more than 30%, reaching $7.5 this week.
The cryptocurrency currently has a market capitalization of $4.13 billion.
According to a report by Santiment, large investors, known as whales, holding between 100,000 and 1 million LINK have been actively buying up the cryptocurrency since the start of autumn.
In the past week alone, they have purchased a total of $38.5 million worth of LINK, increasing their holdings by 5.12 million tokens to control a total of 12.75% of the altcoin’s supply.
This trend is also reflected in the increasing number of transactions worth more than $100,000, as shown by data from the IntoTheBlock platform.
This indicates a growing interest from institutional investors in LINK. Santiment also notes that before the October rally, large wallets redistributed 20.38 million LINK in just 24 hours, with a transaction value of over $150 million.
This spike in whale activity is a sign of possible market volatility in the near future.
