Chainlink Just Saw Its Biggest Exchange Outflow Since June – Bulls Are Watching

Chainlink recorded 1.26 million tokens in net exchange outflows over 24 hours. This was the largest daily outflow since June 29.

Santiment said the drop in exchange supply means fewer LINK tokens are available for quick sell orders, which could potentially lower future sell-off risk. Bullish Signals The timing of the move is interesting, according to Santiment.

In July, the DTCC processed tokenized US securities trades with Chainlink listed among its technology providers. Meanwhile, its Cross-Chain Interoperability Protocol (CCIP) expanded support across institutional and crypto networks, including Canton and Robinhood Chain.

Santiment believes that these developments could be positive for patient LINK bulls. The crypto asset started July near $7.85 and briefly slipped below $7.6 before recovering. The price then climbed higher and even broke above $8, eventually reaching around $8.86.