Institutional investors have recently purchased more than $30 million worth of Chainlink (CRYPTO:LINK) tokens, signaling growing adoption and confidence in its technology across financial sectors.

The investment surge was driven by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which facilitates seamless data and token transfers across nine major blockchains, including Ethereum (CRYPTO:ETH), Polygon (CRYPTO:MATIC), and BNB Chain (CRYPTO:BNB).

This protocol enhances the utility of Chainlink’s services in decentralized applications (dApps) and Web3 environments.

Despite institutional backing, LINK’s price has stagnated at $14.41, down significantly from its peak of $52.70 in May 2021.

Analysts attribute this to an increase in LINK’s circulating supply, which has risen from 425 million tokens to 608 million tokens since 2021, outpacing demand and impacting price stability.

Nevertheless, market analysts remain optimistic about Chainlink’s long-term prospects, predicting a bullish trend as it continues to expand its utility and institutional partnerships in the blockchain space.