According to recent market data and on-chain analysis, several major altcoins, including Chainlink (LINK), XRP (XRP), and Aster (ASTER), are indeed showing signs of increased selling pressure this October, reflecting a potential shift in capital away from altcoins.
Chainlink (LINK): Strong Fundamentals Meet Market Fear
Chainlink’s situation presents a contrast between its strong fundamental growth and current market sentiment. After an impressive performance in Q3, on-chain data indicates its exchange supply has recently increased from 171 million to 182 million LINK tokens. In a fearful market, this movement of tokens to exchanges often signals that holders are preparing to sell, which can create strong downward pressure on the price.
This is happening despite very positive developments for the project. Chainlink’s technology continues to see massive adoption, with its network enabling over $20 Trillion in total value in Q1 2025 and securing strategic integrations with major financial institutions and governments. Furthermore, the protocol’s own reserve has been a consistent buyer, accumulating tokens on the open market. However, in the short term, the negative market mood has overshadowed these strong fundamentals, leading to a price decline as the increased exchange supply threatens to tip the scales toward selling.
XRP (XRP): Tracking Asian Market Sentiment Through Upbit
For XRP, the key indicator of selling pressure lies on the Upbit exchange in South Korea. Data shows that XRP has been challenging Bitcoin’s dominance on Upbit, with its reserve value on the platform reaching significant levels. There is a clear inverse correlation observed throughout the year: when XRP reserves on Upbit rise, its price tends to fall.
The reserve has now reached its highest level in 2025, exceeding 6.1 billion XRP. This suggests that Asian investors, who are a major force on this exchange, may be moving their tokens onto the platform to sell. This activity can often trigger wider selling waves across other global exchanges. Recent reports corroborate that large holders (“whales”) and long-term investors have been reducing their exposure to XRP, pointing to an increased downside risk in the near term.
Aster (ASTER): A Sharp Downturn in Activity and Price
Aster’s case is particularly stark, showing clear signs of active selling and declining ecosystem activity. On-chain metrics reveal a 30% surge in its exchange supply in just one week, jumping from around 670 million to over 875 million tokens. This massive transfer of tokens to exchanges was accompanied by a sharp 50% drop in its price.
This indicates that investors are actively moving their holdings to exchanges for liquidation, creating intense downward pressure. These developments suggest a cooling-off period for perpetual DEX-related coins, which were a major focus of discussion last month. Supporting this view, data shows that the daily trading volume on the Aster DEX has collapsed by approximately 90%, from about $100 billion to just $10 billion. The pessimistic sentiment is so strong that even its listing on the Robinhood exchange failed to halt the decline.
