defi ·
Chainlink Loses 21% in October Even as Tokens Keep Leaving Exchanges
Chainlink (LINK) has drained from Binance for 18 days running, the kind of exit bulls tend to cheer.
Its price has refused to join in, shedding 20.8% so far in October. Up close, the streak looks less festive, since a large deposit came first and may explain part of it.
Buyers in US spot Chainlink ETFs have also gone quiet since mid-October. An Earlier Deposit Clouds Chainlink's Outflow Signal Analyst MorenoDV_ flagged the streak and called patient accumulation one plausible explanation.
He noted that steady withdrawals leave less LINK sitting on the exchange. The streak also came after around 8.7 million LINK flowed into Binance on a net basis.
The analyst said the outflows may partly reflect that deposit being redistributed. He also cautioned against reading the withdrawals as proof of buying.
"For Binance, persistent negative netflows point to declining token availability. But price has continued falling, showing that this supply shift has yet to translate into sustained buying strength," the post read.
