Chainlink (LINK) has seen mixed signals in recent weeks, with its price retracing alongside the broader crypto market.

Despite this, significant whale activity highlights continued interest from large holders. According to data provided by Santiment, whales holding between 1M-10M LINK have accumulated 3.58M coins (worth $76.9M) in just three days.

This contrasts with the enthusiasm earlier in December when LINK surpassed $29 for the first time in over three years, sparking optimism in the community.

Retail investors have shown a different trend, selling 5.67M LINK over the last two months, potentially driven by impatience, profit-taking, or fear of further price declines.

Meanwhile, whale activity also includes short-term maneuvers. According to data by Lookonchain, a whale recently deposited 250K LINK ($5.37M) to Binance and OKX after withdrawing 595K LINK ($17.31M) earlier this month at an average price of $29.1, now facing unrealized losses of ~$4.5M as LINK retraces.

In the last two months, Chainlink whales with over 100,000 LINK tokens have bought 5.69 million worth of the coin. Similarly, fewer than a hundred thousand LINK holders have dumped theirs onto the market.

Data shows these retail traders sold 5.67 million LINK from their collective wallets. This move by retail investors might reflect impatience, panic-selling or profit-taking before the price drops again.