Recent on-chain analysis reveals that a significant whale has stealthily amassed approximately $100 million in Chainlink (LINK) over the past six months. This accumulation represents nearly 10% of LINK”s total supply, a noteworthy feat that has gone largely unnoticed by the market.
The analysis conducted by on-chain expert LinkBoi highlights that 48 wallets, each holding around 2 million LINK, exhibit strikingly similar transaction patterns. These wallets were created between August and November 2025, and the majority of the transactions occurred on the same days and in comparable sizes, indicating a high likelihood that they are controlled by a single entity.
LinkBoi”s investigation suggests that this entity has accumulated roughly 100 million LINK from August 2025 to January 2026. Notably, despite the scale of these purchases, there has been no significant upward pressure on LINK”s price. Analysts attribute this phenomenon to a meticulously crafted accumulation strategy.
This strategy involved utilizing anonymous wallets and breaking down purchases into smaller amounts to prevent a sudden surge in market demand. The aim was to avoid drawing attention while building positions without impacting the price.
A critical moment for this accumulation strategy occurred on October 10, 2025, when a sharp market downturn triggered panic selling due to API access issues for market makers, combined with geopolitical tensions. This chaos resulted in significant liquidity disruptions across cryptocurrency markets, prompting exchanges to make substantial purchases to mitigate the downturn. These assets were subsequently sold back into the market over the following weeks.
The liquidity created in this environment allowed for discreet accumulation. Indeed, 39 out of the 48 wallets were established during October and November 2025, coinciding with a time of peak liquidity.
Additionally, data from CryptoQuant indicates a marked decrease in LINK balances on exchanges during this same period, aligning with the emergence of new wallets that collectively acquired approximately 2 million LINK each.
Identifying the entity behind this accumulation is challenging, but analysts have proposed a few potential candidates. Chainlink Labs is deemed unlikely due to their publicly available holdings and planned purchases. Conversely, BlackRock emerges as a strong possibility, given their strategic interest in tokenization and their reliance on Chainlink services like the BUIDL fund and CCIP.
JPMorgan is another contender, as their Kinexys platform, formerly known as Onyx, heavily depends on Chainlink infrastructure for cross-chain finance initiatives. A substantial reserve of LINK could be a strategic move to enhance long-term interoperability and reduce oracle risk.
Analysts conclude that it is improbable for an individual investor to execute such a sophisticated operation on this scale.
