{"id":566123,"date":"2021-03-18T15:35:43","date_gmt":"2021-03-18T12:35:43","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566123"},"modified":"2021-03-18T15:35:43","modified_gmt":"2021-03-18T12:35:43","slug":"chainlink-might-be-undervalued-in-terms-of-supply-and-demand","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/chainlink-might-be-undervalued-in-terms-of-supply-and-demand\/","title":{"rendered":"Chainlink Might be Undervalued in terms of Supply and Demand"},"content":{"rendered":"<p><strong>Summary:<\/strong><\/p>\n<ul>\n<li><strong>Chainlink reserves on crypto exchanges have been in a state of constant decline since last year<\/strong><\/li>\n<li><strong>The CEO of CryptoQuant thinks that Chainlink is undervalued in terms of supply and demand<\/strong><\/li>\n<li><strong>Chainlink&#8217;s supply on exchanges will probably continue reducing as Grayscale continually scoops up LINK for its new trust<\/strong><\/li>\n<li><strong>Chainlink is currently attempting to turn the $30 price area into support<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/chainlink-link-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Chainlink (LINK)<\/a> reserves on crypto exchanges have been in a state of constant decline for the last year. This is according to data provided by the <a href=\"https:\/\/en.ethereumworldnews.com\/eth-is-undervalued-in-terms-of-institutional-buying-cryptoquant-ceo\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">CEO of CryptoQuant<\/a>, Ki Young Ju, who also concluded that Chainlink might be undervalued in terms of supply and demand.<\/p>\n<p>Mr. Ju shared his analysis of Chainlink through <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1372174819202981897\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">the following statement<\/a> and accompanying chart.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">I think <\/span><span class=\"r-18u37iz\">$LINK<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> is undervalued in terms of supply\/demand. <\/span><\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">(Disclaimer: I&#8217;m not a <\/span><span class=\"r-18u37iz\">$LINK<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> holder)<\/span><\/p><\/blockquote>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th.png\"><img class=\"aligncenter size-full wp-image-566124\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th.png\" alt=\"\" width=\"725\" height=\"458\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th.png 725w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th-300x190.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th-500x316.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th-240x152.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Chainlink-reserves-on-exchanges-March-18th-717x453.png 717w\" sizes=\"(max-width: 725px) 100vw, 725px\" title=\"\"><\/a><\/p>\n<h2>Accumulation of LINK by Grayscale Will Reduce Supply of LINK Further<\/h2>\n<p>From the chart shared, it can be seen that <a href=\"https:\/\/en.ethereumworldnews.com\/data-shows-that-bitcoin-and-chainlink-have-highest-number-of-profitable-investors\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Chainlink investors<\/a> have been religiously buying LINK and storing the digital asset offline thus reducing the available supply of the digital asset.<\/p>\n<p>The supply of Chainlink will continue to reduce as a result of <a href=\"https:\/\/en.ethereumworldnews.com\/grayscale-launches-5-new-trusts-chainlink-bat-mana-fil-and-lpt\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Grayscale launching its Chainlink Trust<\/a> to provide individual and accredited investors exposure to LINK. A quick glance at Bybt.com reveals that <a href=\"https:\/\/en.ethereumworldnews.com\/grayscale-is-exploring-23-new-crypto-trusts-including-link-dot-ada\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Grayscale<\/a> has already added 5,497 LINK to its bags in the last 24 hours and since the launch of the new trust.<\/p>\n<p>The screenshot below courtesy of the tracking website further demonstrates this fact.<\/p>\n<h2><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th.jpg\"><img class=\"aligncenter size-full wp-image-566125\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th.jpg\" alt=\"\" width=\"952\" height=\"528\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th.jpg 952w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th-300x166.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th-770x427.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th-500x277.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th-240x133.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/03\/Grayscale-AUM-Mar-18th-717x398.jpg 717w\" sizes=\"(max-width: 952px) 100vw, 952px\" title=\"\"><\/a>Chainlink Attempts to turn the $30 Price Area into Support<\/h2>\n<p>At the time of writing, Chainlink is trading at $29.50 in what looks like consolidation after yesterday&#8217;s positive reaction to news of Grayscale launching its LINK trust. When news hit the crypto-verse about Grayscale&#8217;s launch of a Chainlink trust, the value of LINK pumped by 15% from $27.26 to a local peak of $31.36.<\/p>\n<p>If Chainlink manages to flip $30 into a support zone, coupled with Grayscale continually buying the digital asset, LINK could very well be on a path towards breaking the elusive $32 resistance that would mark a return to bullish territory for Chainlink.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Chainlink reserves on crypto exchanges have been in a state of constant decline since last year The CEO of CryptoQuant thinks that Chainlink is undervalued in terms of supply and demand Chainlink&#8217;s supply on exchanges will probably continue reducing as Grayscale continually scoops up LINK for its new trust Chainlink is currently attempting to turn the $30 price area into support Chainlink (LINK) reserves on crypto exchanges have been in a state of constant decline for the last year. [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":562579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[108032],"tags":[6958,5749,4226,108108],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566123"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566123"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/562579"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}