Chainlink (LINK) saw notable whale accumulation as three newly created wallets withdrew over 825,000 LINK—roughly $15 million—from Binance, signaling growing long-term conviction and reduced exchange sell pressure. This on-chain activity aligns with an uptick in network engagement and a steady rebound in market sentiment, historically associated with accumulation phases and early-stage recoveries.

Chainlink faced heightened sell pressure after a whale deposited 700,000 LINK (about $15.52 million) to Binance at a realized loss of roughly $2.7 million, according to on-chain monitors. After rejection near $23.1, the LINK price slid for four straight sessions to around $22.1, signaling weakening sentiment. Spot Taker CVD has stayed red for seven consecutive days, underscoring sustained seller dominance and raising fears of further downside in Chainlink.

Chainlink’s LINK has reclaimed the $24 level for the first time since early February, extending a strong August run. The token posted a 35% weekly surge to kick off the month and is up about 42% month-to-date, outpacing Ethereum’s gains.

Visa and Chainlink, in collaboration with major financial institutions like ANZ, ChinaAMC, and Fidelity International, have successfully completed a pilot program that enabled a cross-border swap between Hong Kong’s central bank digital currency (CBDC), the e-HKD, and an Australian dollar stablecoin (A$DC).