Chainlink (LINK) extended its losing streak, trading at $13 as of press time — more than 50% below the August high of $27.88. Its market cap has fallen to $9.3 billion, with three consecutive daily losses reflecting weak buying interest.
LINK ETF Inflows Stall
Third-party data show the Grayscale Chainlink ETF has recorded zero inflows for the past two days, leaving cumulative net inflows at $63.32 million. The fund has attracted only $4.1 million in July, a sharp drop from $59.1 million in May — suggesting the newly approved Bitwise LINK ETF may also see a lukewarm reception. In contrast, XRP and Solana ETFs have drawn $1.2 billion and $816 million respectively since launch, leaving LINK-based products far behind.
Exchange Supply Declines; Strategic Reserve Grows
Despite weak ETF demand, Chainlink's on-chain metrics show some strength. CoinGlass data indicates LINK supply on exchanges dropped to 122 million tokens, down from 156 million in October 2024. Meanwhile, the Chainlink Strategic Reserve has continued to accumulate, now holding 1.5 million LINK (worth ~$19.8 million). Its latest purchase this week added 87,829 LINK (worth ~$1.1 million). In the real-world asset tokenization sector, Chainlink has secured partnerships with Swift, Euroclear, JPMorgan, and UBS, steadily expanding its market share.
Bearish Pennant Emerges on Daily Chart
Technically, LINK's daily chart shows a classic bearish pennant: a sharp vertical drop from $27.88 in August was followed by a symmetrical triangle consolidation. The two trendlines are converging, with the 50-day and 100-day exponential moving averages acting as overhead resistance. LINK remains below the Supertrend indicator, and the Relative Strength Index has slipped from 63 on Jan. 6 to 52, suggesting weakening momentum.
A breakdown below the triangle's lower trendline could send the token toward $11.60 — the Nov. 21 low — likely acting as the next support level.