Chainlink (LINK) exchange supply has decreased to a two-year low of 125.83 million tokens as of November 12, 2025. This reduction, highlighted by trader Arca, reflects a shift of holdings into cold storage, indicating investor confidence in future price increases. The current supply is down from a peak of 165 million tokens in late 2024. The decline in exchange supply aligns with bullish technical setups and optimistic price forecasts from analysts, with some predicting a potential rise to $160. This trend suggests that holders are anticipating higher prices and are minimizing immediate selling pressure, contributing to a positive market outlook for Chainlink.