Chainlink [LINK] recently moved closer to erasing its losses after reaching $12.60, marking its highest price in seven months. Following the peak, LINK retraced and traded near $11.76, reflecting a 1.47% daily gain. During the volatile move, trading volume climbed 84% to reach $1.2 billion.
The retreat from the $12.60 level coincided with capital leaving the futures market. CoinGlass data recorded $410.29 million in futures outflows compared to $390.9 million in inflows. Consequently, futures netflow fell 280% to -$19.3 million, indicating that more capital exited futures than entered.
Conversely, institutional demand moved in the opposite direction. Chainlink spot ETFs recorded five consecutive days of net inflows as the asset approached its seven-month high. Onchain Lens reported that Grayscale received 132,950 LINK worth $1.53 million from Coinbase Prime, with its daily net inflows reaching $5.16 million and lifting cumulative net inflows to $109 million. The previous day, Bitwise’s Chainlink ETF added 163,379 LINK valued at $1.85 million.
Spot market indicators showed mixed signals. CoinAnk data indicated that market delta remained positive for three consecutive days and stood near 64,000, reflecting stronger spot buying than selling. Meanwhile, spot netflow stood near -$1.19 million, indicating that more LINK left exchanges than entered them, which reduced immediate sell-side pressure.
Technical indicators showed that the positive directional indicator climbed to 55, while the negative directional indicator fell to 3. Market observers note that if institutional and spot demand persist, LINK could test higher levels, whereas continued futures outflows could expose the $10 support zone.
