Chainlink (LINK) price has surged to its highest level since April this week, as whales have started accumulating the coin and open interest in the futures market has jumped to 2021 highs.
LINK was trading at a high of $8.20 on Thursday, up by more than 65% since June’s lowest level. This surge is mainly attributed to the news of the launch of Cross-Chain Interoperable Protocol (CCIP). This protocol will expand Chainlink’s use case, making it possible for traditional finance companies, such as banks and insurance firms, to join the blockchain.
Furthermore, data shows that two whales acquired 788,877 LINK tokens this week, and open interest in the futures market has reached its highest level since November. This open interest, which is a bullish sign, stands at over $267 million, with most of it coming from Binance.
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