Chainlink (LINK) is experiencing a significant shift in investor behavior, as large holders, commonly referred to as “whales,” are withdrawing substantial amounts of tokens from exchanges. Recently, these whales took off 734,000 LINK tokens, valued at over $9 million, from Binance. This activity indicates a strong accumulation phase and a growing confidence among long-term investors.
The exchange supply of LINK has reached its lowest level since 2020, significantly reducing potential selling pressure. Historical data suggests that when exchange supplies decline, it often precedes major market rallies. This pattern has many analysts anticipating that LINK could soon make a move towards the $46 mark.
Whale Accumulation and Market Dynamics
On December 22, 2025, the movement of 734,000 LINK tokens off Binance was a clear sign of accumulation rather than a reaction to market volatility. The current trend indicates that major holders are choosing to transfer their assets into private wallets, which is typically viewed as a sign of long-term confidence in the asset’s performance.
Grayscale, a prominent investment firm, has recently converted its Chainlink Trust into the first U.S. spot Chainlink ETF, now trading under the ticker GLNK on NYSE Arca. This move has attracted significant attention, with total net inflows reaching approximately $58.3 million and net assets under management nearing $74.25 million. Notably, around $2 million flowed into Chainlink ETFs on December 22, 2025, underscoring consistent investor interest even during quieter market periods.
Price Movement and Future Expectations
Despite the increased whale activity and the launch of the ETF, Chainlink’s price has remained relatively stable, trading within the $12–$12.5 range. Prominent crypto analyst Bitcoinsensus has pointed out that LINK is still operating within a long-term upward channel on its weekly chart. Currently, the price hovers near the lower boundary of this channel, which has historically served as a strong support level during past market cycles.
Bitcoinsensus remarked, “The next potential target comes in at around $46 per coin,” indicating that the current market conditions could lead to significant price increases if past trends hold true.
As investors closely watch the movements of Chainlink and its expanding ETF presence, the combination of whale accumulation and historical price patterns suggest a potentially bullish outlook for LINK in the coming weeks.
