Whale withdrawal transactions from Binance increased in Chainlink (LINK), while the price recorded a monthly decline for a seventh straight month. On April 2, blockchain outlet BeInCrypto examined why the token remains weak in early April.

Darkfost, an analyst at on-chain analytics firm CryptoQuant, said the daily count of "top 10 whale withdrawal transactions" on Binance spiked twice, and each transaction exceeded 8,000 LINK. The monthly average daily withdrawal volume also rose to about 2,600 LINK recently from about 2,000 LINK in mid-February.

Darkfost analysed the rise in Chainlink whale withdrawals as a possible signal of growing interest from some large whales as altcoins broadly remain weak. He added that similar accumulation flows appeared early in the current correction phase but did not change the market trend at the time.

On-chain indicators showed the number of wallets holding 1,000 LINK or more increased to 25,420, the highest since early December 2025. Chainlink moved in the $9 to $10 range since early February but is now trading around $8.5. The decline rate as of early April is about 2.3 percent.

Institutional flows were mixed. SoSoValue data showed Chainlink spot exchange-traded funds (ETFs) from Grayscale and Bitwise have had no net outflows since launch, and cumulative inflows exceeded $98 million. Monthly inflows, however, fell to about $10.8 million in March from more than $59 million in December last year, and there were several trading days with zero flows.

The Chainlink market is seen as still failing to build clear evidence of a rebound in price and inflows despite some accumulation signals such as increased whale withdrawals and a rise in the number of wallets. The market mood is that for major holders' interest to translate into an actual trend reversal, a recovery in institutional inflows and rising trading volume must be confirmed together. Until then, Chainlink is seen as more likely to remain in a range within a weakening trend than to post a short-term rebound.

There are now 25,420 wallets holding at least 1,000 Chainlink tokens, the highest amount since Dec. 4th. As $LINK remains in its range of $9 to $10 since early February, larger capital wallets have been gradually returning to the network in anticipation of a future breakout. pic.twitter.com/rKpFXrDB9K