Grayscale Investments’ LINK Holdings Hit a New High in November Despite Price Declines

Chainlink (LINK) continued to really feel the influence of damaging market sentiment in November. The promoting strain pushed its worth down 50% from final quarter’s peak. However, Grayscale and a number of other analysts nonetheless keep a bullish outlook.

The three-month decline has additionally pushed LINK again to a very powerful assist degree of the previous two years. This zone is the place merchants might discover new alternatives.

How Much LINK Is Grayscale Holding?

Grayscale – one of many largest funding companies in the digital asset sector – not too long ago launched an especially optimistic analysis report on the LINK token. The report highlights Chainlink’s function as a foundational infrastructure layer for decentralized finance (DeFi) and asset tokenization.

The report, titled ‘The LINK Between Worlds,’ describes Chainlink as a middleware module. It allows on-chain purposes to make use of off-chain information securely. It additionally permits them to work together throughout blockchains and meet enterprise-level compliance wants.

Zach Pandl, Head of Research at Grayscale, famous that tokenized belongings stay very small at this time. They characterize solely about one foundation level (0.01%) of the worldwide fairness and bond market capitalization. As a consequence, the expansion potential is gigantic.

“Tokenized belongings are tiny at this time: simply ~1 foundation level (0.01%) of worldwide fairness and bond market cap. They will develop enormously over the subsequent decade. In our view there isn’t a undertaking extra central to creating tokenization a actuality than Chainlink,” Zach Pandl said.

The report was launched shortly after Grayscale filed an utility with the US Securities and Exchange Commission (SEC) for a spot LINK ETF, which might be listed below the ticker GLNK. According to Chainlink’s group liaison Zach Rynes, the appliance was not too long ago amended and is predicted to launch on December 2, 2025.

At the identical time, Bitwise’s Chainlink ETF has been listed on the Depository Trust and Clearing Corporation (DTCC) platform below the ticker CLNK.

Furthermore, Grayscale Investments’ LINK holdings surpassed 1.3 million tokens in November 2025, in accordance with CoinGlass information. Their holdings have elevated greater than fourfold over the previous two years.

This development displays Grayscale’s rising confidence in Chainlink’s long-term potential, significantly because the agency continues to accumulate in periods of decrease costs.

Chainlink (LINK) Faces a Recovery Opportunity While Entering Its Best Buying Zone in 2 Years

Another key indicator is LINK’s Exchange Supply Ratio, which hit a new low in November. This ratio measures alternate reserves as a share of the overall provide.

CryptoQuant data reveals the availability of LINK on exchanges dropped from 170 million tokens in October to 131 million in November. As a consequence, the Exchange Supply Ratio fell to its lowest degree ever at 0.13.

This alerts that fewer LINK tokens can be found for buying and selling. It reduces promoting strain, suggesting that traders are withdrawing tokens from exchanges for long-term holding. Such shortage typically precedes a main worth rally when demand finally exceeds provide.

On the technical aspect, LINK stays inside a massive bullish construction and has reached its strongest assist degree in two years.

“LINK has been grinding inside a huge ascending channel, and worth is now proper on the backside of that construction — a spot the place it has bounced a number of occasions earlier than,” analyst CryptoPulse stated.

In abstract, with assist from Grayscale, upcoming ETFs, record-low alternate provide, and a stable technical place, Chainlink now stands on the edge of a strong recovery.

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