Chainlink Institutional Demand Surges with Grayscale and Bitwise Holdings

Chainlink's (LINK) institutional demand has grown significantly in recent times, with notable increases in holdings by Grayscale and Bitwise. According to Pluang, Grayscale's ETF acquired over 1 million LINK worth $12.12 million within just 18 days.

The Chainlink strategic reserve also added 91,100 LINK, boosting total reserves to nearly 5.86 million LINK valued at $67.24 million. Despite a recent price pullback to around $11.50, LINK remains above a key $11 support level, suggesting potential for recovery if this zone holds.

Whale activity and ETF inflows indicate sustained demand for Chainlink, but technical indicators show weakening buying strength, making the $11 support crucial for LINK's next upward move.