Chainlink’s biggest active holder cohort has sharply increased its LINK 
exposure over the past month, according to Santiment, which says the move 
could point to a tightening supply setup if broader market conditions stay 
supportive. The on-chain signal stands out because the buying took place while 
LINK traded in a relatively muted range rather than during an obvious 
breakout. Santiment said on May 7 that “ChainLink’s key stakeholders that hold 
between 100K-10M LINK have been aggressively accumulated over the past month.” 
The analytics firm added that “these whales &amp; sharks have accumulated 32.93M 
more coins (a +7.7% increase) in just one month.” Why Santiment Is Focused On 
Chainlink Whales The key point in Santiment’s post is not just that large 
holders are buying, but that this specific wallet band may say more than a 
generic whale metric. As Santiment put it, “What makes this accumulation 
particularly significant is who is doing the buying. Wallets in the 100K–10M 
LINK range represent ChainLink&#8217;s most active and committed cohort. They are 
large enough to move meaningful capital, but not so large as to be exchange- 
controlled custodial accounts.” Related Reading: Chainlink Exchange Outflows 
Hit 970,430 LINK, Largest Of 2026 If the buying were concentrated in obvious 
exchange-linked addresses, the signal would be harder to read as a directional 
bet. Santiment instead presents this cohort as a group of discretionary large 
holders whose behavior can reveal conviction at moments when price action 
alone looks inconclusive. The chart shared by Santiment shows the balance held 
by 100,000 to 10 million LINK wallets climbing steadily into early May, even 
as LINK itself remained near subdued levels. Santiment explicitly argued that 
the timing is the point. “Historically, when this specific tier accumulates 
aggressively, it tends to precede rather than react to price appreciation. 
Unlike retail buyers who typically chase momentum, these stakeholders absorb 
supply during periods of price suppression.” Related Reading: Chainlink Is 
Getting Cheaper And Whales Are Not Buying The Dip: Discount Or A Trap? The 
firm then tied that historical pattern directly to the current setup: “This is 
precisely what the chart shows happening across Q1 2026 while LINK traded 
sideways near multi-month lows.” That is a stronger interpretation than simply 
noting rising balances. Santiment is effectively arguing that the market has 
not yet fully reflected the accumulation visible on-chain. The Supply Squeeze 
Argument Santiment’s post goes further by framing the move as the early stage 
of a possible supply squeeze. “The on-chain picture this paints is one of a 
classic supply squeeze in early formation,” the firm wrote. “With 32.93M 
additional LINK now locked into strong hands and collective holdings from this 
cohort hitting an all-time high, the available liquid supply on exchanges 
faces growing pressure.” That is the clearest takeaway from the post. If more 
LINK is moving into wallets viewed as committed holders, and less of it is 
immediately available for sale, then fresh demand could have a larger price 
impact than it otherwise would. Santiment’s conclusion is conditional rather 
than absolute: “If Bitcoin and market conditions continue bullish momentum, 
the combination of reduced sell-side supply and already-elevated whale 
conviction could accelerate price discovery sharply to the upside.” At press 
time, LINK traded at $9.86. Featured image created with DALL.E, chart from 
TradingView.com

Chainlink Whales Buy 32.9 Million LINK As Holdings Hit Record High

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Chainlink Whales Buy 32.9 Million LINK As Holdings Hit Record High

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