Grayscale Investments’ LINK Holdings Hit a New High in November Despite Price Declines
Grayscale's LINK holdings reached a new high in November despite a 50% price drop, signaling strong institutional confidence.Summary
Despite Chainlink (LINK) experiencing a 50% price decline in November, Grayscale Investments increased its holdings to over 1.3 million tokens, reflecting growing confidence in LINK's foundational role for decentralized finance (DeFi) and asset tokenization. Grayscale's research report, "The LINK Between Worlds," emphasizes Chainlink's critical role as middleware for secure off-chain data interaction and enterprise compliance, with Head of Research Zach Pandl noting the enormous growth potential for tokenized assets.
This accumulation occurred as Grayscale awaits potential approval for its spot LINK ETF, while Bitwise's LINK ETF has already been listed on the DTCC. Concurrently, on-chain data shows LINK's Exchange Supply Ratio hit a record low of 0.13 in November, indicating investors are withdrawing tokens for long-term holding, reducing immediate selling pressure.
Technically, LINK is positioned at its strongest two-year support level within a large ascending channel, suggesting a strong recovery opportunity supported by institutional accumulation, low exchange supply, and favorable technical positioning.
(Source：BeInCrypto)