Chainlink Records $51M Exchange Outflows as Price Climbs 12%
Chainlink saw $51.26 million worth of LINK flow out of exchanges since June 20. Investors moved 3.86 million LINK to private wallets, cutting available supply. This exchange outflow coincided with a 12% price gain, as LINK rebounded to $13.22 after a brief 1.7% dip. Derivatives volume surged 54% to $611 million, while open interest remained flat and funding rates held in bullish territory. Technical analysis shows consolidation: the MACD signals moderate bearish momentum and the RSI sits at 47.8. These exchange outflows and balanced technical readings suggest mounting accumulation and a bullish outlook for Chainlink.
Bullish
Chainlink’s significant exchange outflows historically align with bullish accumulation phases, such as those seen in early 2023. Large LINK withdrawals reduced circulating supply and preceded price breakouts. The current $51M outflow mirrors the pattern before August’s 20% surge. Meanwhile, stable open interest and controlled funding rates indicate healthy speculative activity without excessive leverage, lowering liquidation risk. Technical indicators—neutral RSI and modest MACD divergence—point to consolidation rather than reversal. In the short term, LINK may trade sideways with limited pullbacks. Over the long term, continued accumulation and diminished on-exchange balances could fuel further upside if market sentiment remains positive. Overall, these factors support a bullish outlook for Chainlink.