According to on-chain analysis, a massive accumulation equivalent to approximately 10% of the Chainlink (LINK) supply has been observed in the last six months.
On-chain analyst LinkBoi, while examining the top 100 LINK wallets, found that 48 different wallets held nearly the same amount of LINK and exhibited remarkably similar transaction patterns.
According to the analysis, each of these 48 wallets holds approximately 2 million LINK and was created between August and November 2025. The majority of transactions occurred on the same days, in similar sizes, and from the same sources. The fact that purchases originated from a Coinbase hot wallet and the high similarity in transaction heatmaps strengthens the possibility that these addresses are controlled by a single entity.
According to LinkBoi’s calculations, this entity accumulated approximately 100 million LINK between August 2025 and January 2026. This amount represents roughly 10% of LINK’s total supply. The most striking point is that despite this scale of buying, there hasn’t been a significant upward price pressure.
According to analysts, the reason for this is an extremely carefully designed accumulation strategy. Purchases were made through anonymous wallets, divided into smaller parts to avoid creating a sudden shock of demand in the market. The aim was both to avoid attracting attention and to create positions without pushing the price upwards.
A critical period in this strategy was the sharp market downturn on October 10, 2025. On that day, panic selling triggered by problems with API access for market makers and geopolitical concerns led to significant liquidity disruptions in the cryptocurrency markets. Exchanges were forced to make large purchases to limit the decline, and these assets were gradually sold back into the market in the following weeks.
The resulting high liquidity and prolonged selling pressure created an ideal environment for quiet accumulation. Indeed, 39 out of 48 wallets were created in October and November 2025, a period when liquidity was at its peak.
The surge in purchases from new wallets during this period coincided with a significant drop in LINK balances on exchanges. CryptoQuant data shows a sharp decrease in the supply of LINK on exchanges during October–November. This decline coincides with the creation of new wallets, each accumulating approximately 2 million LINK.
Collecting only 10% of the LINK supply severely limits potential candidates. Here’s who the whale might be, according to the analyst:
Chainlink Labs: Unlikely. Chainlink’s holdings of non-circulating LINK are already publicly available and planned. Furthermore, it seems inconsistent that the company, while having a weekly $1 million LINK purchase program, would secretly accumulate billions of dollars worth of tokens.
BlackRock: One of the more likely scenarios. Given BlackRock’s view of tokenization as the future of finance and its reliance on Chainlink services like the BUIDL fund and CCIP, a reserve of 100 million LINK could be strategic but also reasonable in terms of scale.
JPMorgan: Another strong candidate. The bank’s Kinexys (formerly Onyx) platform and cross-chain finance initiatives rely heavily on Chainlink infrastructure. Such a reserve could make sense for long-term interoperability and mitigating oracle risk.
Analysts believe it is highly unlikely that an individual investor could run an operation of this scale and sophistication.
*This is not investment advice.
