Chainlink (LINK) is exhibiting a bearish head-and-shoulders pattern on its weekly chart, indicating potential further price declines. The cryptocurrency's value has decreased significantly from $31 in November 2023 to $12.55. This downturn coincides with a slowdown in ETF inflows, with the Grayscale LINK ETF recording only $2.3 million in weekly inflows. Although ETF outflows have not yet occurred, the current trend suggests a cautious outlook. Additionally, futures open interest for LINK has reached a multi-month low, and spot trading volume has decreased to $728 million. The amount of staked LINK has also fallen sharply, from $1.02 billion to $542 million, further highlighting the bearish sentiment surrounding the asset.