Chainlink Large Wallets Hit 16-Week High as LINK ETFs Nears $100 Million in Net Assets

Mid-tier and large wallets holding Chainlink tokens appear to be on an accumulation spree, as on-chain data reveals that their holdings are at their highest level in months. Meanwhile, spot LINK exchange-traded funds (ETFs) are nearing a $100 million milestone, highlighting institutional interest in the asset. At press time, LINK traded at $89.95, down 5.5% intraday.

Wallet Holding 1,000 LINK Tokens Hit 16-Week High

According to a recent X post by Santiment, wallets holding 1,000 LINK or more are now at their highest level since December 4. This indicates that the cohort has been actively buying LINK over the last 16 weeks, suggesting bullish sentiment among these traders that the price might continue to extend its gains.

“As $LINK remains in its range of $9 to $10 since early February, larger capital wallets have been gradually returning to the network in anticipation of a future breakout,” Santiment noted.

The rising demand for Chainlink comes amid heightened interest in tokenization. Recently, BlackRock CEO Larry Fink stated that tokenization could change the financial industry in the same way that the internet did nearly three decades ago.

Chainlink has positioned itself among the top chains in tokenization. Therefore, these mid-tier to large wallets could be positioning for a price move if there is a tokenization boom on the blockchain. 

Spot Chainlink ETF Nears $100M in Net Assets

Data from SoSoValue shows that spot LINK ETFs are approaching a key milestone. These products have amassed $93.74 million in net assets and are only 6% shy of reaching the $100 million mark. The amount of LINK tokens held by these ETFs is equivalent to 1.42% of Chainlink’s $6.36 billion market cap. 

Since their launch, the ETFs have recorded $98 million in cumulative net inflows from the only two products approved by US regulators. The Grayscale ETF has amassed $82 million in cumulative net inflows, while Bitwise has amassed $15.82 million. Last week, LINK ETFs recorded $4.6 million in weekly inflows, the highest in six weeks.

With nearly $100 million in net assets, Chainlink now ranks as the fifth-largest US-listed ETF after Bitcoin, Ethereum, XRP, and Solana by the value ot tokens held. If institutional demand surges, LINK could break above the $10 resistance level and extend gains.

Originally published on ZyCrypto – blockchain news, expert analysis, and Web3 coverage.

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