The 100 largest Chainlink wallet addresses have accumulated 16.1 million additional LINK tokens since early November even as the cryptocurrency's price slipped below $12.50 this week.
What Happened: Whale Accumulation
On-chain analytics firm Santiment reported on X that the top 100 LINK addresses expanded their holdings during November's price decline.
These large investors briefly reduced positions in December and early January.
They resumed buying as prices dropped below $13.00.
"As retail sells off due to impatience & FUD, it's common to see smart money gather up more LINK to prepare for (or cause) the next pump," Santiment explained.
The pattern mirrors activity in Bitcoin markets. Santiment noted separately that BTC sharks and whales—investors holding between 10 and 10,000 tokens—added 36,322 BTC over nine days, a 0.27% increase in their combined supply.
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Why It Matters: Retail Divergence
The accumulation suggests institutional conviction during a period when smaller holders are exiting.
Retail Bitcoin investors—addresses holding less than 0.01 BTC—sold 132 tokens (0.28%) during the same window that large investors were buying. The divergence between whale accumulation and retail selling could signal differing expectations about price direction.
In the meantime, Chainlink whales are increasing their holdings as the second U.S. spot exchange-traded fund tied to the oracle network token began trading this week, pushing total ETF net assets toward $100 million even as the broader cryptocurrency market continues to decline.
Whether the LINK whale activity will influence the cryptocurrency's trajectory remains unclear.
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