Bitcoin News Today: Chainlink Price Drops 20% as Whales Buy 13% More LINK

Chainlink (LINK) has seen its price fall to $15.68, a 20% decline from its July peak, amid broader market weakness driven by concerns over new U.S. tariffs and disappointing jobs data [1]. The decline is part of a widespread selloff in the cryptocurrency market, with major altcoins like Solana, Dogecoin, and Cardano also experiencing significant losses [4]. Despite the bearish price movement, on-chain data reveals a growing accumulation trend among large investors, or "whales," who have increased their Chainlink holdings by 13% in recent weeks, from 3.38 million to 3.84 million tokens [1]. This uptick suggests that long-term investors remain confident and may be positioning themselves for a potential rebound [2].

Whale accumulation is not limited to Chainlink. Over the past 24 hours, significant inflows have been recorded for both Bitcoin and Ethereum, indicating that institutional and high-net-worth investors are viewing the current environment as an attractive buying opportunity [4]. For Chainlink, this trend is particularly significant as it reinforces the idea that the token could be primed for a breakout despite the recent price drop [2].

Technical indicators also point to potential bullish momentum. Weekly analysis shows that LINK has broken out of a long-term accumulation range between $5 and $9.50, forming a rising channel since late 2023 [3]. The price recently touched the 50-day moving average and has moved below key support levels, including $17.96 and the 61.8% Fibonacci retracement at $16.82 [1]. Analysts suggest that the token may be in the second phase of an Elliot Wave pattern, with the third phase potentially pushing the price toward $25.60, representing a 62% gain from current levels [1].

The broader crypto market remains under pressure, with Bitcoin trading near $104,000 and facing potential short liquidations if it moves toward $125,000 [6]. A large whale position with a liquidation line at $105,000 could trigger $5.6 billion in short liquidations if Bitcoin reaches $125,000. While this scenario is speculative, it underscores the volatility and influence of large players on market dynamics [6]. Despite the short-term turbulence, demand-side indicators remain strong, with the market absorbing approximately 160,000 BTC over the past 30 days [6]. OTC desks are also holding less Bitcoin than in previous years, suggesting that inventory is being bought rather than sold [6].

In addition to whale activity, a potential short-term catalyst for Chainlink is the nearing end of the claim period for Space and Time (SXT) tokens. The project has allocated 4% of its SXT supply to Chainlink ecosystem participants, with the first 100 million tokens valued at $8 million [1]. The claiming window closes on August 8, which could provide an additional boost to the token’s network activity and visibility.

While the immediate outlook for Chainlink remains uncertain, the growing whale accumulation and bullish technical patterns indicate that the token could be approaching a potential bottom [1]. Investors and analysts are closely watching to determine whether the current accumulation trend will lead to a sustained recovery or if broader market volatility will continue to impact prices. For now, the data suggests that Chainlink is being quietly positioned for a potential rebound, even as the wider crypto market grapples with regulatory uncertainty and macroeconomic challenges.

Source:

[1] title: Chainlink Price Dives 20% Amid Trump Tariffs and Weak ...

url: https://www.ainvest.com/news/chainlink-price-dives-20-trump-tariffs-weak-jobs-data-2508/

[2] title: Is 'Chokepoint 3.0' Targeting Crypto Banks?

url: https://m.economictimes.com/crypto-news-today-live-02-aug-2025/liveblog/123050435.cms

[3] title: Chainlink (LINK) Shows Bullish Signals With Potential to ...

url: https://www.bitget.com/news/detail/12560604893867

[4] title: Could This Be the Next $10 Coin? Investors Compare It ...

url: https://www.mitrade.com/insights/news/live-news/article-3-1007554-20250803

[6] title: Bitcoin surge to $125K will liquidate $5.6 billion in shorts ...

url: https://www.cryptopolitan.com/bitcoin-125k-will-liquidate-5-6b-in-shorts/

[7] title: Latest news on Crypto Regulation, ICO, BTC and ETH from ...

url: https://www.cryptocompare.com/news/list/latest/