Grayscale Piles Into Chainlink as Price Falls, Bets on DeFi's Future

Grayscale Investments' holdings in Chainlink (LINK) surged to a record high in November 2025, despite a 50% decline in the token's price from its previous quarter's peak. The firm's growing confidence in Chainlink's long-term potential has been underscored by a fourfold increase in its LINK holdings over the past two years, reaching 1.3 million tokens, according to CoinGlass data. This accumulation reflects Grayscale's strategic bet on Chainlink as a foundational infrastructure layer for decentralized finance (DeFi) and asset tokenization, even amid broader market volatility.

The price decline, driven by broader crypto market weakness, has pushed LINK back to a critical support level that has been pivotal over the past two years. Analysts suggest this zone could present buying opportunities for investors, as the token's Exchange Supply Ratio - a metric measuring exchange reserves relative to total supply - hit a new low in November. This indicator often signals reduced selling pressure and potential price stabilization. Grayscale's research report, The LINK Between Worlds, emphasizes Chainlink's role in enabling secure data integration between on-chain applications and off-chain systems, a capability increasingly vital for enterprise-grade compliance and cross-chain interoperability.

Zach Pandl, Grayscale's Head of Research, highlighted the untapped potential of tokenized assets, which currently represent just 0.01% of global equity and bond market capitalization. The report aligns with Grayscale's recent regulatory filings, including a spot LINK ETF application (GLNK) submitted to the U.S. Securities and Exchange Commission (SEC). The firm amended the application in late 2025, with a projected launch date of December 2, 2025. This move follows Bitwise's Chainlink ETF (CLNK), which was listed on the Depository Trust and Clearing Corporation (DTCC) platform, signaling growing institutional interest in the asset.

Grayscale's bullish stance contrasts with the token's recent performance, as LINK's price decline mirrors broader crypto market trends. However, the firm's research underscores Chainlink's unique position in securing decentralized applications (dApps) and facilitating enterprise adoption. According to the report, major financial institutions, including Mastercard and UBS, have already integrated Chainlink's infrastructure. The growing demand for tokenized assets, coupled with Chainlink's middleware capabilities, positions the platform to benefit from the expanding DeFi ecosystem.

Market observers note that Grayscale's accumulation strategy mirrors its approach to Bitcoin and Ethereum, where long-term holding and regulatory engagement have historically bolstered investor confidence. While the price of LINK remains below its peak, the firm's research and ETF efforts aim to institutionalize the token's role in the digital asset landscape. The success of the GLNK ETF could further validate Chainlink's infrastructure value, particularly as tokenization gains traction in traditional finance.