Based on 22 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their LINK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
22 hedge funds hold LINK right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +69% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+69% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🔴
Heavy selling pressure — only 25% buying
3 buying9 selling
Last quarter: 9 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 6 → 7 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 27% long-term, 36% new
■ 27% conviction (2yr+)
■ 36% medium
■ 36% new
Of the 22 current holders: 6 (27%) held >2 years, 8 held 1–2 years, and 8 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Price up while funds trimmed (+38% value, -14% shares)
Last quarter: total value of institutional LINK holdings rose +38% even though funds reduced share count by 14%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
2 → 10 → 6 → 7 → 3 new funds/Q
New funds entering each quarter: 10 → 6 → 7 → 3. LINK is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 32% veterans, 45% new entrants
■ 32% veterans
■ 23% 1-2yr
■ 45% new
Of 22 current holders: 7 (32%) held 2+ years, 5 held 1–2 years, 10 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
7 of 22 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.4
out of 10
Moderate Exit Risk
Exit risk score 5.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.