Institutional Demand for Chainlink Holds Strong Despite Price Retraction
Institutional demand for Chainlink (LINK) tokens remains strong despite the asset's recent price retracement. Over the past two weeks, Grayscale and Bitwise have purchased a combined total of 1.4 million LINK tokens, valued at approximately $12.12 million.
The purchases by Grayscale include 203,810 LINK tokens worth $2.38 million from Coinbase Prime over an 18-day period. Meanwhile, Bitwise has consistently bought LINK tokens during this time frame, adding to its existing holdings of 3.964 million tokens with an average acquisition price of around $9.96.
The strategic reserve also added 91,100 LINK tokens, valued at roughly $1.06 million, bringing the total reserve holdings to 5.86 million tokens worth nearly $67.24 million. The accumulation by these reserves provides another source of recurring demand for Chainlink tokens.