100% of Chainlink Addresses Are Currently in Profit
Chainlinkâ€™s bull run has created an abnormal situation where its entire supply is currently profitable according to an intelligence firm IntoTheBlock.
The recent Chainlink (LINK) rally has led to some unconventional results â€” 100% of its supply is â€œin the moneyâ€� or profitable.
This metric simply represents a comparison between the assetâ€™s current price and the price at which it was acquired. If the current price is higher, then it is â€œin the moneyâ€�, if it is lower, then it is â€œout of the moneyâ€�, and if it is the same, then it is â€œat the moneyâ€�.
Percent of Chainlink supply in/out of the money. Source: IntoTheBlock.
Litecoin â€” 47%, Bitcoin â€” 90%
According to an intelligence company IntoTheBlock, currently, the entire supply of the LINK token is â€˜in the moneyâ€™. For reference, about 90% of Bitcoin (BTC) supply is currently in the money and only 47% of Litecoinâ€™s (LTC).
The question is, how can 100% of addresses be â€˜in the moneyâ€™ at the same time? This is highly unusual for any asset and is only partly explained by the parabolic rise of the asset. Every trade needs a buyer and a seller, so in theory some addresses should be â€˜at the moneyâ€™.
Itâ€™s possible the price was bid up on exchanges without any getting withdrawn to a wallet before the snapshot was taken. Alternatively, the proportion of addresses not â€˜in the moneyâ€™ at this time may be very small and rounded off to zero. Weâ€™ve asked IntoTheBlock for an explanation and will update this story when we hear back.
Chainlinkâ€™s bull run is easier to explain. It has announced a number of key partnerships, integrations and milestones. Also, the project just announced a grant program that will be awarding funds to projects that will help usher in the era when smart contracts become â€œthe dominant form of digital agreementâ€�.
Powered by WPeMatico