Over the last month, LINK is by far the best performing crypto (that has a relevant market cap) with a gain of 35%. ETH is up 15% in the same time frame and XRP down 17%. Why is this? I see two reasons:
1. The announcement of the reserve was symbolically important even if a million a week isn't relevant buying pressure. It shows that they are committed to tying the success of Chainlink Labs to the price of the token. People also hope that what are effectively weekly buybacks will get bigger with more adoption.
2. US legislation means stable coins are going to become mainstream, and CCIP is needed in this world
3. Insiders with deep pockets know something is coming and are rotating into Chainlink
Personally I think it's mainly the third point, the reserve is nice to change the narrative but I don't see enough regular "crypto investors" paying attention to keep up this price action. It's pumped 12% on a red day with no news ffs. I still have never met anyone in real life that has even heard of Chainlink, meanwhile a handful of my coworkers own XRP and bought into the "it'll replace banks" nonsense (2 of them actually bought the top in January and panic sold in April kek). Retail isn't pumping LINK yet.