Grayscale has significantly increased its Chainlink (LINK) holdings to over 1.3 million tokens, despite a 50% price decline from its quarterly peak. This marks a fourfold increase in Grayscale's LINK holdings over the past two years. The firm remains optimistic about LINK's role in decentralized finance (DeFi) and tokenization, and anticipates launching a spot ETF (GLNK) by December 2025. Additionally, Chainlink's exchange supply ratio has reached a record low of 0.13, hitting a crucial two-year support level. This development suggests a potential recovery for LINK, as the reduced exchange supply could indicate decreased selling pressure.