63M LINK Withdrawals Signal Accumulation Amid Chainlink Slump
Chainlink on-chain data shows over 63 million LINK tokens withdrawn from exchanges in the past month. This high exchange withdrawal signals strong accumulation by holders aiming for long-term gains. LINK price has fallen 30.1% from $22.58 to $15.77 since early October. A brief 15% bounce to $16.65 on November 10 saw renewed selling pressure. According to Glassnode, net transfer volume remained negative until the rebound, with spikes in exchange inflows and Coin Days Destroyed indicating profit-taking.
The massive outflow reduces available supply on trading platforms and could support price stability if demand holds. Chainlink’s Reserve also grew by 78,000 LINK, reinforcing network operations. Despite ongoing partnerships and positive social sentiment, breaking key support at $15.45 is crucial for recovery. Traders should monitor on-chain metrics, resistance levels, and exchange balances to gauge whether accumulation will outweigh selling pressure. Market uncertainty persists, mirroring past accumulation patterns that required sustained buying to reverse downtrends.
Neutral
The withdrawal of 63 million LINK tokens reflects clear accumulation and reduced exchange supply, a typically bullish on-chain signal. However, LINK’s 30.1% price drop and repeated profit-taking during short rallies show weak conviction among traders. Similar to past large outflow events, price recovery hinges on sustained buying rather than one-off withdrawals. With key support at $15.45 under threat and selling pressure evident on rebounds, the market outlook remains neutral. Traders should watch exchange flows and resistance levels to see if accumulation leads to a genuine trend reversal.