Chainlink's biggest non-exchange whales have been loading up. Over the past month, wallets holding between 100,000 and 10 million LINK added a net 32.93 million tokens — a 7.7% increase in their collective stash, according to Santiment. The accumulation happened quietly, not during a breakout, and the analytics firm says it could be the early stage of a supply squeeze.
The accumulation in numbers
Santiment flagged the move on May 7. It tracks a specific wallet band — holders with 100k to 10M LINK — because those addresses tend to be discretionary large holders, not exchange cold wallets or custodial accounts. In one month, that cohort's total holdings hit an all-time high. The 32.93 million LINK added is worth roughly $325 million at current prices.
Not a breakout buy
What stands out is the timing. LINK traded in a relatively muted range during the accumulation period. There was no obvious price surge prompting the buying, no FOMO. Instead, the whales were adding while the market yawned. Historically, that pattern has preceded price appreciation more often than not — the big holders tend to lead, not react.
What it signals
Santiment described the move as the early stage of a possible supply squeeze. With 32.93 million LINK locked into wallets that rarely sell quickly, the float available on exchanges shrinks. If demand stays steady or picks up, reduced sell-side pressure can accelerate price discovery. But the firm attached a condition: this works only if Bitcoin and the broader crypto market hold their bullish posture. No guarantees.
At press time, LINK changed hands at $9.86.
