How Grayscale and Bitwise Are Quietly Driving Whales to Hoard Chainlink (LINK)
Chainlink (LINK) is drawing the attention of crypto whales and institutional investors alike, signaling renewed confidence in the oracle token amid broader market uncertainty.
Recent on-chain data highlights a surge in accumulation activity, with both private whales and major fund managers doubling down on LINK positions.
Whales Accumulate Chainlink as Grayscale HODLs and Bitwise Prepares Spot ETF LaunchData from Arkham shows that a single whale withdrew 171,000 LINK (approximately $2.36 million) from Binance on Tuesday. They added to an existing holding of nearly 790,000 LINK acquired over the past month at an average price of $12.72.
1 hour ago, a whale 0xf44 withdrew 171k $LINK (~$2.36M) from #Binance.
In past month, he accumulated totally 789.8k $LINK (~$10.93M) at avg entry ~$12.72
Address:https://t.co/Y8E2TmjEkg pic.twitter.com/3gN3zSF1bF
This sizable accumulation suggests long-term bullish sentiment, with the investor betting that LINK could outperform in the months ahead.
Derivatives markets are also reflecting heightened speculative interest. OnChain Lens reports that a newly created wallet deposited $5 million in USDC on Hyperliquid DEX. They opened leveraged long positions in LINK (5x) and DOGE (10x).
While the combined position is currently valued at $28.2 million, it is showing a floating loss of roughly $600,000.
A newly created wallet deposited $5M $USDC into #HyperLiquid and opened long positions in $LINK (5x) and $DOGE (10x).
The combined position is valued at $28.2M, with a floating loss of ~$600K.https://t.co/kdPa4NEgOB pic.twitter.com/2SNuarF7Xq
The move shows the appetite among sophisticated traders to leverage LINK exposure despite short-term volatility.
Institutional Confidence and ETF Approval Push LINK Toward ScarcityInstitutional accumulation remains a central driver behind LINK’s momentum. Grayscale’s LINK Trust recently reached a new all-time high (ATH) in total net assets. Data on SoSoValue shows it is approaching $90 million, with current holdings at $87.15 million.
Grayscale LINK ETF Total Net Assets. Source: SoSoValue
Meanwhile, data on Coinglass shows that over the past two years, Grayscale has held firm with 1.31 million LINK. This demonstrates a disciplined “diamond hand” approach with no sales.
Grayscale LINK Holdings. Source: Coinglass
The combination of whale accumulation and institutional HODLing is contributing to historically low LINK balances on exchanges. Data on CryptoQuant shows this, with fewer tokens on exchange generally signaling scarcity. This can amplify price support and reduce selling pressure.
LINK Exchange Reserves. Source: CryptoQuant
Adding to the bullish backdrop, Bitwise has secured SEC approval to launch a Chainlink spot ETF (CLNK) on NYSE Arca, with trading expected to begin this week. The move marks Chainlink’s first direct entry into US equity markets.