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On April 27, on-chain data from Santiment shows 970,430 LINK tokens left centralized exchanges in a single day—its largest LINK outflow since December 2, 2025—worth approximately $8.95 million. The move came as exchange reserves continued a 25-day decline, falling from 141.5 million to 130.9 million.
Exchange reserves have declined consistently since April 3, when a 15-million-token inflow spike pushed reserves to a 30-day peak of 141.5 million. Instead of translating into sustained selling pressure, the deposit event marked the start of a withdrawal trend. Over the following 25 days, net outflows reduced exchange reserves from 141.5 million to 130.9 million, effectively erasing the April 3 inflow and returning the supply ratio to its pre-spike level.
The supply ratio, measured by CryptoQuant, fell from 0.142 at the April 3 peak to approximately 0.130 by April 27.
The 970,430 LINK withdrawal on April 27 was worth approximately $8.95 million at the time and represents the largest single-day net outflow for Chainlink since December 2, 2025.
Exchange outflows at this scale can be consistent with holders moving tokens to private custody rather than preparing to sell. However, the data does not confirm directional conviction. A single large actor transferring 970,430 LINK off an exchange could also reflect an OTC desk transfer, a DeFi protocol deposit, or a cross-venue repositioning that may later lead to a sale.
LINK’s price did not show a clear breakout after the withdrawal. It rose briefly to $9.58 following the event before retracing to $9.23, suggesting the market did not treat the outflow as a definitive accumulation signal.
Santiment data also indicated that XRP recorded 34.94 million tokens in exchange outflows over the same week, worth approximately $48.6 million. This points to broader institutional-scale repositioning across the top altcoin cohort.
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