Chainlink whales drive bullish momentum with record buys

Chainlink whales accumulated a record 32.93M LINK, pushing the token near $10. Rising on-chain activity and ETF inflows signal bullish momentum and potential for further gains.

Chainlink (LINK) has seen a significant uptick in accumulation by large holders. Wallets holding between 100,000 and 10 million LINK have acquired 32.93 million tokens in the past month, marking a 7.7% increase and setting a new all-time high for this group. This accumulation occurred during a period of price consolidation, with LINK trading near $10 and posting nearly 10% gains over the last week. On-chain data shows growth in daily active addresses, transaction volumes, and network expansion since early May. Additionally, spot ETFs tracking LINK recorded $532,900 in inflows—the first notable inflows in almost two weeks—while futures Open Interest jumped from $366 million to $495 million. Technical analysis suggests LINK is consolidating within a long-term symmetrical triangle, revisiting a key accumulation zone that previously sparked a major rally. The combination of record whale accumulation, increased institutional inflows, and strong on-chain activity is fueling bullish sentiment and could drive further upside if these trends persist.