to leave a comment.
▲ Ethereum (ETH), Chainlink (LINK), Cryptocurrency Whale / AI Generated Image
Large holders of Chainlink (LINK) have accumulated an additional 32.93 million LINK over the past month, pushing their holdings to an all-time high. The significant accumulation in a period where the price has not shown a clear breakout trend draws attention to changes in supply and demand in the on-chain market.
According to NewsBTC on May 8, on-chain analytics firm Santiment stated on May 7 that “key Chainlink stakeholders holding between 100,000 LINK and 10 million LINK have aggressively accumulated over the past month.” Santiment explained, “Whale and shark wallets have gathered an additional 32.93 million coins in just one month, with an increase rate of 7.7%.”
The key point Santiment highlighted is not merely an increase in large wallets, but the nature of the buyers. Santiment stated, “The reason this accumulation is particularly important is who bought it,” adding, “Wallets in the 100,000 LINK to 10 million LINK range represent the most active and dedicated group in Chainlink.” They further added, “These are large enough to move significant capital, but not so large as to be considered custodial accounts controlled by exchanges.”
If the purchases had been concentrated in addresses directly linked to exchanges, it would have been difficult to interpret it as a market direction signal. However, Santiment views this group of wallets as large holders acting discretionarily. They explained that in a period where it's difficult to judge solely by price movements, the actions of this wallet group can be an indicator of conviction in their holdings.
The chart shared by Santiment showed a steady increase in the balance of wallets holding between 100,000 LINK and 10 million LINK until early May. Santiment stated, “Historically, when wallets in this specific range aggressively accumulate, they tend to precede price increases rather than react to them.” They added, “Unlike retail investors who typically chase momentum, these stakeholders absorb supply during periods of suppressed prices.” Santiment further analyzed, “The chart showed exactly this trend during the first quarter of 2026, when Chainlink was consolidating near multi-month lows.”
Santiment presented this accumulation as an early sign of supply squeeze. Santiment stated, “The on-chain picture shows the early formation of a typical supply squeeze. An additional 32.93 million LINK have been tied up in strong hands, and with the total holdings of this wallet group reaching an all-time high, the liquid supply on exchanges is under increasing pressure.” They further explained, “If Bitcoin (BTC) and market conditions maintain bullish momentum, the combination of reduced sell-side supply and already heightened whale conviction could lead to rapid upward price discovery.”
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.