Chainlink sending addresses hit ATH as Binance inflow increases

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Altcoins
Chainlink sending addresses hit ATH as Binance inflow increases

Chainlink (LINK) “sending addresses” have seen an immediate rise in the past 24 hours. According to the on-chain analytics provider CryptoQuant, LINK’s sending addresses hit an all-time high (ATH) along with Binance’s, the largest crypto exchange, increase of inflow.

CryptoQuant data shows that LINK’s sending addresses rose to the ATH of 46,148 — the largest number recorded previously was 19,789 on March 3, 2021, when LINK was trading at around $29.8.

Chainlink’s active receiving addresses, however, didn’t see a “significant rise,” per the data provider.

“This kind of behavior usually occurs when multiple addresses deposit to central exchanges.”

CryptoQuant noted in a tweet

Furthermore, LINK is currently trading at roughly $6.01 with a market cap of $3.05 billion, down by over 88% since its ATH in May 2021, according to trackers. It is currently perched at 22nd on the crypto market cap leaderboard.

Binance’s inflow increases

Quite similar to LINK’s move, Binance’s depositing transactions have also hit an ATH of 45,156 on December 21, a massive rise from December 20’s 219 transactions, per CryptoQuant.

Moreover, the exchange’s total inflow has also almost quadrupled from around 1,300 on December 20 to 4,892 on December 21. According to CryptoQuant, the sudden increases in Binance’s inflow, depositing transactions and reserves might be following up on the exchange’s recent “housekeeping announcement.” 

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