Large Chainlink holders expanded their positions again over the past month. Data cited from Santiment shows wallets holding between 100,000 and 10 million LINK accumulated another 32.93 million LINK, a 7.7% increase that pushed combined holdings to 461 million LINK. With LINK’s total supply capped at 1 billion tokens, those whale wallets now control nearly 46% of supply.
Whale buying continued during a weak trading range
The report said these large holders have tended to accumulate during softer market conditions rather than chase upward price moves. During the first quarter of 2026, LINK traded sideways near multi-month lows while major wallets steadily absorbed tokens from the market. That matters because it leaves less supply readily available on exchanges.
If demand rises from here, a tighter float could make price reactions sharper. That possibility is one reason traders are watching LINK more closely as holdings become more concentrated.
Spot ETF exposure and reserve balances are also rising
Institutional positioning has also grown. On May 7, Grayscale’s spot Chainlink ETF posted about $878,000 in net inflows, bringing assets under management to $92.54 million. The two spot LINK ETFs referenced in the report now account for nearly 1.58% of Chainlink’s total market capitalization.
ETF inflows have cooled somewhat in recent weeks, but exposure has still been expanding. At the same time, the Chainlink Reserve added another 119,241 LINK, valued at about $1.1 million, lifting total reserve holdings to more than 3.55 million LINK.
Reserve holdings have more than tripled since launch
The reserve’s growth has been steady since launch in August 2025. The report lists holdings at around 1 million LINK at launch, 1.4 million by January 2026, 2.17 million by February, and now above 3.55 million LINK. That trend adds another layer to the broader tightening in available supply.
Technical setup keeps focus on a breakout
Crypto analyst Jonathan Carter said LINK is consolidating inside a symmetrical triangle on the weekly chart, with price compressing between higher lows and lower highs while testing lower support. If a breakout is confirmed, he sees an initial move toward $11.50. Stronger momentum could extend that move to $22.00, and in a much more bullish market setting, he said LINK could reach $48.
Derivatives activity has picked up as well. CoinGlass data shows LINK open interest rose 5.2% to nearly $444.52 million, pointing to increased participation in the market.