Chainlink ETF Nears Reality — But Holders Keep Selling

The Bitwise Chainlink ETF (CLNK) has been listed on the Depository Trust and Clearing Corporation (DTCC) platform, a crucial step toward potential SEC approval and institutional access to the LINK token, despite not yet signifying final regulatory approval. Concurrently, Chainlink's institutional credibility is growing, highlighted by Co-founder Sergey Nazarov participating in a Federal Reserve Fintech Conference panel alongside executives from JP Morgan and Amazon, focusing on digital asset convergence.

Despite these positive institutional developments, on-chain data reveals that LINK holders have continued selling throughout the past month. Analysts suggest this selling behavior is typical during accumulation phases, where large entities discreetly accumulate while retail investors become disillusioned, leading to sideways or bearish price action.

Contrasting the retail selling, large holders, or "whales," have been accumulating, adding over 4 million LINK tokens in the last two weeks, driving the Exchange Supply Ratio to its lowest level ever. Exchange balances are also at a two-year low, indicating long-term holders are moving tokens off exchanges in anticipation of future price increases, suggesting a divergence between retail sentiment and institutional/whale positioning.

(Source：BeInCrypto)