How Grayscale and Bitwise Are Quietly Driving Whales to Hoard Chainlink (LINK)
Whale accumulation and institutional interest, driven by Grayscale's holdings and Bitwise's new spot ETF, are causing Chainlink (LINK) exchange reserves to hit historic lows.Summary
Chainlink (LINK) is seeing increased accumulation from both private whales and institutional investors, signaling renewed confidence despite market uncertainty. One whale recently withdrew $2.36 million worth of LINK from Binance, adding to significant prior accumulation. Sophisticated traders are also showing appetite, with one new wallet opening leveraged long positions in LINK on Hyperliquid DEX.
Institutional confidence is highlighted by Grayscale's LINK Trust reaching a new all-time high in net assets, while Grayscale itself has maintained a firm holding of 1.31 million LINK over the past two years without selling. This accumulation, combined with whale activity, is contributing to historically low LINK balances on exchanges, suggesting increasing scarcity.
Furthermore, Bitwise secured SEC approval to launch a Chainlink spot ETF (CLNK) on NYSE Arca, expected to trade soon. This regulated vehicle, with assets held by Coinbase Custody and BNY Mellon, is anticipated to attract more conservative investors, potentially boosting demand and further tightening supply, although LINK's price reaction was modest at the time of reporting.
(Source：BeInCrypto)