According to IntoTheBlock data by Sentora, Chainlink has skyrocketed 125% in large transaction volume, a metric indicative of whale activity. In the last 24 hours, Chainlink's large transaction volume came in at $133.94 million, or eight million LINK in crypto terms.

On-chain data reveals that millions of LINK tokens have been transferred in recent hours, suggesting that major players are repositioning for what could be Chainlink's next price move.

According to blockchain tracker Whale Alert, over 2.5 million LINK were shifted from Bybit crypto exchange to unknown wallets in two transactions.

Whale Alert reports separate transactions of 1,250,000 LINK worth $20,513,896 and 1,289,995 LINK valued at $21,175,447 transferred from Bybit crypto exchange to unknown wallets.

Withdrawals from exchanges reveal intent to buy, while deposits may imply selling. Hence, the recent move might be of accumulation by whales or large holders, or it could just be a reshuffling of funds.

Chainlink gains attention

Chainlink is gaining attention as the 12th-largest cryptocurrency by market capitalization.  In reaction to Chairman Paul Atkins' remarks at the Crypto Task Force roundtable on tokenization, Chainlink stated that the tokenization of traditional securities marks a new era for U.S. capital markets, bringing heightened market access, transparency and resiliency. It also added that the creation of a rational regulatory framework for crypto asset markets brings forward the inevitable: tokenization of all assets.

At press time, the Chainlink price was down 1.31% in the last 24 hours to $16.65, reflecting the current profit-taking on the market; however, it remains 17% up weekly.

Inflation was slightly lower than expected in April, with the consumer price index rising a seasonally adjusted 0.2% for the month, bringing the 12-month inflation rate to 2.3%, the lowest since February 2021, according to the Bureau of Labor Statistics. The crypto markets reacted little to the news, with several crypto assets trading in the red at press time.