On-chain data shows a large whale in Chainlink (LINK) quietly accumulating LINK over several months, totaling about 100 million LINK, which is roughly 10% of the token’s total supply. LinkBoi analyzed the top 100 LINK wallets and found 48 addresses holding nearly identical amounts, each around 2 million LINK, created between August and November 2025, and exhibiting remarkably similar transaction patterns. The majority of these purchases originated from a Coinbase hot wallet, and the uniform transaction heatmaps imply these addresses may be controlled by a single entity. Analysts estimate this entity accumulated approximately 100 million LINK between August 2025 and January 2026, representing about 10% of LINK’s supply.
The most striking point is that this scale of buying didn’t exert significant upward price pressure. Purchases were executed through anonymous wallets in smaller parts to avoid creating a sudden demand shock and to minimize market attention. The aim was to create positions without pushing the price upwards. A pivotal period in this strategy was the October 10, 2025 downturn, when API-related liquidity disruptions triggered panic selling and forced exchanges to buy, with assets gradually sold back into the market in the following weeks. Collecting only 10% of the LINK supply severely limits potential candidates.
Here’s who the whale might be, according to the analyst: Chainlink Labs is unlikely, as non-circulating LINK holdings are publicly available and planned, and it would be inconsistent for the company to secretly accumulate billions of dollars worth of tokens. BlackRock is considered one of the more likely scenarios, with JPMorgan also noted as a strong candidate. Analysts believe it is highly unlikely that an individual investor could run an operation of this scale and sophistication.
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