# On-Chain Related Articles

LINK Has Fallen More Than Half From Its High, But Someone Quietly Hoarded 100 Million Tokens During the 'October 11 Crash'

Based on in-depth on-chain analysis, 48 wallets were identified holding nearly identical amounts of LINK (around 2 million each), all created between August and November 2025 and receiving funds from the same Coinbase hot wallet. These wallets, showing highly synchronized accumulation pattern, are believed to belong to a single entity that acquired approximately 100 million LINK (10% of total supply) during this period. The entity executed a carefully designed strategy to avoid market impact, leveraging the October 10 market crash—caused by API failures and panic selling—to accumulate during high liquidity. Most wallets (39) were created in October and November, coinciding with a sharp drop in exchange balances. Possible buyers include institutional players like BlackRock or JPMorgan, given their strategic interest in tokenization and use of Chainlink's infrastructure. Chainlink Labs is less likely due to contradictory public positioning. The scale and precision suggest institutional involvement rather than individual speculation. This accumulation—amounting to exactly 1/10 of total supply—implies long-term strategic intent, potentially preparing for future utility in financial infrastructure. While bullish, it also introduces concentration risk. The event marks one of the most significant on-chain patterns in LINK's history.

marsbit01/29 09:12

XRP Millionaire Wallets Rise Again in Encouraging Sign for Long-Term Holders: Santiment

According to Santiment's on-chain data analysis, the number of XRP wallets holding at least 100 million XRP (whale and shark wallets) decreased by 20.6% over eight weeks. However, despite having 569 fewer such wallets, the total amount of XRP held by these large wallets reached 48 billion, a seven-year high. This indicates a significant concentration of supply, with fewer wallets controlling a record amount of XRP. The trend occurs alongside a growing number of new XRP Ledger accounts. While not directly predictive of price, this redistribution highlights changing supply dynamics among top holders, which could impact network risk and ecosystem development.

TheNewsCrypto01/29 08:41

Huobi Growth Academy | In-Depth Research Report on the Stock Contract Track: The Next Trillion-Dollar Battlefield for On-Chain Derivatives

Stock Perpetual Contracts, an innovative product bridging traditional finance and crypto derivatives, are rapidly reshaping the on-chain trading landscape. This emerging sector combines the massive market cap of global equities (over $160 trillion) with the mature perpetual contract model, creating a new synthetic derivative that tracks stock price movements without actual equity ownership. Leading Perp DEXs like Hyperliquid, Aster, and Lighter have established comprehensive product matrices, excelling in trading depth, user experience, and asset coverage. The underlying mechanism relies on decentralized oracles (e.g., Pyth, Chainlink) for price feeds, dynamic risk management for cross-market volatility, and controlled leverage (5-25x). Despite its potential, regulatory uncertainty remains the primary constraint, as authorities may classify these products as securities derivatives or CFDs, triggering compliance requirements. Technical risks include oracle failures, liquidity issues, and smart contract vulnerabilities. The future outlook is vast, with potential expansion into commodities, indices, and forex, evolving Perp DEXs into multi-asset derivative platforms. Regulatory clarity is expected in 2-3 years, fostering institutional adoption. Stock perpetual contracts could become a trillion-dollar market, democratizing global asset trading with borderless, 24/7 access.

marsbit01/29 07:18

From Competing on Experience to Building Assets: Hyperliquid is Moving Ahead of CEXs

Amidst a general market stagnation, Hyperliquid ($HYPE) has demonstrated notable independent growth, signaling a shift in the Perp DEX narrative. Rather than competing solely on user experience akin to centralized exchanges (CEXs), Hyperliquid is expanding into synthetic assets—including commodities like crude oil, precious metals, and foreign currencies—through its HIP-3 protocol. This positions it not just as a decentralized exchange, but as a crypto-native, Nasdaq-like platform for global asset trading. The move reflects a broader trend of on-chain liquidity integrating with real-world assets, a direction also being explored by major CEXs like Bitget, OKX, and Bybit. Hyperliquid’s advantages include narrower spreads, faster execution, and 24/7 availability compared to traditional platforms. It leverages on-chain transparency, permissionless listings, and fee redistribution to challenge the opaque, centralized models of CEXs and traditional finance—focusing on code-based trust rather than decentralization rhetoric.

比推01/28 05:06

Ethereum inside major Cost Basis cluster as market weighs next move

According to Glassnode's onchain data, Ethereum is trading within a major cost basis cluster between $2,900 and $3,100, a key breakeven zone for a large share of holders. This dense concentration indicates heightened market sensitivity, where small price moves can significantly influence holder behavior. A secondary accumulation zone exists between $3,300 and $3,500, while support thins below $2,700. Currently trading around $2,930–$2,950, ETH remains below its key moving averages and within a broad sideways range. The market shows muted momentum, with moderated volume, suggesting price discovery is occurring through absorption rather than trend expansion. Onchain positioning indicates participants are still negotiating value without a clear directional catalyst.

ambcrypto01/27 18:40

Onchain data shows vested 1INCH holders distributing tokens as price drops 15%

Onchain data reveals that large, vested 1INCH holders distributed approximately 36.36 million tokens (worth ~$5 million) during a sharp sell-off on January 27, contributing to a 15–17% intraday price decline. The tokens, representing about 2.6% of circulating supply and 8% of daily volume, were sold via CoW Protocol in tranches to manage slippage. Historical data indicates the sellers were likely early investors or team members. The sales occurred amid thin liquidity, amplifying downward pressure without a new token unlock. Trading volume surged 370%, and the volume-to-market-cap ratio exceeded 36%, signaling significant liquidity stress.

ambcrypto01/27 16:50

BTC Market Pulse: Week 5

insights.glassnode01/26 16:05

Bitcoin: $677mln liquidations meet THESE 3 signals flashing risk

ambcrypto01/26 10:02

CoinW Research Institute Weekly Report (Issue: Jan 19, 2026 - Jan 25, 2026)

CoinW Research Weekly Report (Jan 19 - Jan 25, 2026) The global crypto market cap fell 5.27% to $3.05T. Bitcoin's market dominance stood at 57.05%. The crypto fear & greed index was at 19, indicating extreme fear. US Bitcoin spot ETFs saw a net outflow of $1.33B, while Ethereum spot ETFs had a net outflow of $611M. The total stablecoin market cap decreased 1.02% to $310.8B, with USDT and USDC declining slightly. DeFi TVL dropped 9.98% to $117.2B. Ethereum led with 57.81% of the TVL, followed by Solana and Bitcoin. On-chain activity showed mixed signals: DEX volumes increased on most chains except BNB and Aptos, with Sui surging 72.86%. Daily active addresses grew across most major L1s, but TVL declined on all tracked chains. Layer 2 TVL fell 6.91% to $36.64B. Notable projects include HyperLend (lending on Hyperliquid), Lazbubu (AI companion on BNB Chain), and Cork Protocol (DeFi risk infrastructure). Key industry events: Solana Mobile's SKR token launched, ETHGas conducted its airdrop, and BitGo completed a $212.8M IPO on the NYSE. Upcoming events include TGEs for Rainbow Wallet's RNBW and Infinex's INX tokens. Major fundraises included Superstate's $82.5M Series B and River's $12M round led by TRON DAO.

marsbit01/26 05:00

RAIN crypto rallies 11% – Yet KEY signals raise doubts

RAIN crypto surged 11% in 24 hours, extending its January gains to over 25%. The rally was fueled by institutional interest, including a $5,000 purchase by RADR Labs, and the exchange's new privacy initiative, which deposited 320,000 RAIN into a shielded pool for anonymous trading. However, on-chain data showed mixed signals: total transfers dropped 37% in a day, and while holder numbers climbed above 170K, growth stagnated recently. Technically, RAIN broke above resistance with a bullish MACD crossover, eyeing a $4 billion market cap, but bearish CVD data indicated selling pressure, testing the bulls' ability to sustain the breakout.

ambcrypto01/23 20:02