币界网报道：Chainlink has seen major on-chain changes recently, with a whale transferring nearly 2 million LINK (about $25 million) to Binance, which usually indicates liquidation rather than long-term holding. The ratio of net inflows by large investors to net inflows by exchanges surged 8483% in a week, indicating that large investors may be ready to sell. The NVT ratio is as high as 751, indicating that market capitalization far exceeds trading volume, suggesting that prices may be pushed up by speculation. The MVRV Z-Score dropped to -0.78, indicating that most holders are in a loss, but exchange inflows continue to increase, and market sentiment is mixed. Nearly 10 million LINK flowed into exchanges, and selling pressure intensified. The price hovered around the $12.42 support level. If it falls below, it may drop to $10.05. The overall indicator is bearish, and unless demand picks up or breaks through the resistance level, the short-term risk is relatively high.