Chainlink (LINK) has posted one of the strongest recoveries among altcoins, rallying over 12% in the past 24 hours to reach $18.78, a significant bounce from recent lows of $15.87. This surge is largely driven by increased demand from new whales, with on-chain data showing substantial accumulation activities.
Since the October 10 market crash, 30 newly created wallets have withdrawn 6,256,893 LINK, valued at approximately $116.7 million, from Binance. The largest single withdrawal was $7.29 million, and these movements have reduced LINK reserves on Binance to multi-year lows, accounting for up to 10% of the exchange's LINK tokens. This trend aligns with broader outflows from exchanges, signaling a potential accumulation phase.
Open interest for LINK has increased to $335 million, up from recent lows of $285 million, but short positions have expanded to 24% of the total. On Hyperliquid, three out of the five top LINK whales have taken short positions, with the largest notional value at $4.82 million. Despite this, Chainlink's utility as a leading oracle service remains robust, securing over 62% of protocols and $61 billion in total value locked.
In Q3, Chainlink accrued cumulative fees of $1.11 million, though daily fees are relatively small, ranging between $10,000 and $15,000. The platform is gaining prominence as a key oracle for Polymarket and will attend the Payments Innovation Conference hosted by the Federal Reserve on October 21. Additionally, a separate withdrawal of 142,428 LINK ($2.4 million) from a new wallet on October 19 has drawn attention, with Chainlink co-founder Sergey Nazarov noting it could indicate strategic positioning by large holders, though no direct institutional ties have been confirmed.
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