Chainlink (LINK) Price Driven by Derivatives Demand Surge, Leading to Significant Pullback

Despite a bullish start to the week, Chainlink (LINK) price closed down last week. However, this decline was largely attributed to an intense surge in derivatives market demand. Data from Coinglass reveals that LINK witnessed its highest ever open interest of $1.48 billion during the past week, suggesting a significant increase in trading activity across various derivative products. In contrast, spot demand remained minimal, with only $109 million worth of LINK outflows recorded in the last seven days.