Chainlink Rallies 12% as Whales Withdraw $116M LINK
Chainlink (LINK) rallied 12% in 24 hours to trade near $18.78, driven by intensified whale accumulation and broader altcoin recovery. On-chain data reveal 30 new wallets withdrew 6.25 million LINK (~$116 million) from Binance, pushing exchange reserves to multi-year lows. LINK futures open interest rose to $335 million, with shorts at 24%, indicating cautious bullish sentiment. Chainlink’s oracle and CCIP services secured over $61 billion in value locked and generated $1.11 million in Q3 fees, although daily on-chain revenues remain modest at $10,000–$15,000. Continued self-custody accumulation and declining exchange holdings suggest traders are positioning for further gains.
Bullish
The withdrawal of $116 million LINK into self-custody signals strong whale accumulation, reducing sell-side pressure on exchanges and driving the price up. Rising open interest alongside modest short positions reflects cautious optimism among futures traders. Chainlink’s robust oracle and CCIP services, which have secured over $61 billion in value locked and generated significant Q3 fees, reinforce long-term demand. These factors combined suggest a bullish outlook both in the short term—supported by low exchange reserves and accumulation trends—and over the medium-to-long term, underpinned by growing enterprise adoption and cross-chain integrations.