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.
Why Santiment Is Focused On Chainlink Whales 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.”
The Supply Squeeze ArgumentSantiment’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.”
At press time, LINK traded at $9.86.
