Chainlink (LINK) price down 21% in October despite 18 days of Binance outflows

29 Oct 2026

29 Oct 2026, 08:10 UTC+01:00

Altcoins TradeReviewed News Desk

Chainlink (LINK) tokens have flowed out of Binance for 18 days in a row, yet the price keeps sliding. LINK is down 20.8% so far in October and traded at $11.34 on Thursday morning, according to BeInCrypto. Exchange outflows are usually read as a bullish supply signal, but this time the data comes with caveats.

A large deposit came first

On-chain analyst MorenoDV_, who flagged the streak, said patient accumulation is one plausible explanation, since steady withdrawals leave less LINK sitting on the exchange. But the streak followed a net inflow of roughly 8.7 million LINK into Binance, and the analyst said part of the outflows may simply be that deposit being redistributed. He warned against reading the withdrawals as proof of buying, noting that the supply shift “has yet to translate into sustained buying strength.”

Across all exchanges, LINK reserves are back at 124.2 million tokens, close to where they stood before the deposit, per CryptoQuant data cited in the report.

US spot Chainlink ETFs have gone quiet

Demand from US spot Chainlink ETFs has also stalled. Their last recorded move was an outflow of about $397,000 on October 16, and the biggest October inflow came on October 9 at $9.48 million. SoSoValue data shows total net assets fell to $209.5 million on October 28 from $249.4 million a month earlier.

Seasonality and catalysts

Earlier rallies this year needed outside catalysts. After a similar reserve spike and drain in June, LINK rose following Standard Chartered’s $200 target for 2030 in August and the CCIP 2.0 upgrade in late September, which took the token above $15. CryptoRank data puts LINK’s median November return at -10.5%, so the calendar offers little help without a fresh trigger.

What it means for traders

Analysts cited by BeInCrypto watch $12.30 as resistance and $10.87 as near support, with buy zones mentioned at $9.50 to $10.50 and $8.00 to $9.45 further down. MorenoDV_ said the outflow signal turns constructive only if withdrawals continue alongside a steadier price and stronger spot demand. Until then, treat it as an early supply signal, not a reversal, and size positions accordingly.

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For information only, not financial advice.

Sources

• BeInCrypto: Chainlink Loses 21% in October Even as Tokens Keep Leaving Exchanges

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Sources

• BeInCrypto: Chainlink Loses 21% in October Even as Tokens Keep Leaving Exchanges

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