Whales Buy LINK Amid Institutional Interest and Massive Announcement Involving Fidelity and Sygnum

ChainLink Cryptocurrency token. crisis and the collapse of prices, the red graph down. The behavior of the cryptocurrency exchanges, concept. Modern financial technologies.
  • In the last week, 54 new wallets bought 2.08 million LINK worth US$30.28 million, indicating strong whale activity.
  • Despite significant institutional interest and recent bullish developments, LINK’s price has fallen by 22% over the past month.
  • Chainlink’s collaboration with Fidelity International and Sygnum enhances transparency and tokenised asset functionality.

Whales like Chainlink it seems.

According to analytics platform Lookonchain, the last week saw 54 new wallets withdrawing a whopping 2.08 million LINK worth US$30.28 million (AU$45.12 million).

Related: Pomp Highlights Growing Investor Confidence in Bitcoin’s Resilience as They Aggressively Buy The Dip

Lookonchain put this down to increased whale buying, saying:


It seems that whales/institutions are accumulating.


While institutions seem interested in Chainlink, the price of LINK didn’t seem to care much. Intraday LINK dropped more than 5% and is still down 22% on the monthly time frame. Currently one LINK trades hands for US$13.67 (AU$20.37).

Chainlink (LINK), monthly graph, source: CoinMarketCap

The price development may seem odd, after all, Chainlink is one of the ecosystems that consistently delivers bullish news and shines with developments and collaborations. Just yesterday Swiss digital asset banking group Sygnum announced it will be working on a new project with Fidelity International and Chainlink to bring Net Asset Value (NAV) data onchain.

Syngum said it “recently issued onchain representation of Fidelity International’s $6.9 billion Institutional Liquidity Fund”.

They also tokenised “$50 million of Matter Labs’ company treasury reserves [which] are held in Fidelity International’s money market fund and were issued on the ZKsync blockchain, a member of the Chainlink SCALE program”.

Source: Chainlink

Chainlink’s integration enables real-time, secure onchain reporting and synchronisation of NAV data, crucial for the traditional fund industry. This provides transparency and historical data access for Sygnum and its clients, enhancing the functionality of tokenised assets.

Additionally, Chainlink offers a chain-agnostic method to disseminate NAV data across various blockchains and offchain systems, supporting cross-chain interoperability and dynamic synchronisation. This capability allows programmable assets to remain updated in any environment.

Sergey Nazarov, co-founder of Chainlink wasn’t holding back on the importance of the development: 

Fund tokenization is likely the largest digital asset trend happening today, and it is a large confirmation that global asset management firms are entering this growing market.

Sergey Nazarov

Nazarov also spoke about the transformational nature of tokenisation:

The global reach and efficiency benefits of tokenized funds are far greater than traditional methods and will over time become the way the entire asset management industry operates.

Sergey Nazarov

Analyst Hints at Trading Metric to Watch

When it comes to LINK as a digital asset, analyst Michaël van de Poppe says it’s important to look at the right charts.

It’s more important to watch the Bitcoin pair of the Altcoins rather than the USDT pair, as you’ll define the strength/weakness of altcoins more through the BTC pair.

Michaël van de Poppe

The rationale behind this is that Bitcoin is the benchmark crypto and provides a base value against which the strength or weakness of other cryptocurrencies can be measured. By comparing an altcoin’s value to Bitcoin, you gain insight into whether the altcoin is outperforming or underperforming Bitcoin.

Source: Michaël van de Poppe/ TradingView

Related: Arthur Hayes Says Zoom Out and Focus on Broader Trends, Highlights Bitcoin as Superior Safe-Haven Asset

This helps distinguish between general market movements driven by Bitcoin’s price and specific movements driven by factors unique to that altcoin. Also, if both Bitcoin and an altcoin are losing value against the US dollar but the altcoin is losing less rapidly, the BTC pair would reveal the altcoin’s relative strength, which the USDT pair might not.

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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