Chainlink's Price Decline: Institutional Confidence Grows Despite Market Fears

Chainlink's price has experienced a significant drop, falling over 70% from its peak. According to NS3.AI, Grayscale Investments has increased its holdings of LINK to over 5 million tokens, indicating a rise in institutional confidence. Despite the market's apprehensions, LINK's ETF inflows have remained stable with no recorded outflows since its approval, highlighting strong demand. Chainlink continues to play a crucial role in decentralized finance (DeFi) and prediction markets, which supports its positive fundamentals. However, analysts suggest that LINK may enter a prolonged sideways accumulation phase near its current low levels.