Chainlink (LINK) could be on the verge of a major market moment after Bitwise’s proposed spot Chainlink ETF appeared on the Depository Trust and Clearing Corporation (DTCC) registry this week, a signal that the product may soon begin trading in U.S. markets.
Key Takeaways:
- Bitwise’s Chainlink ETF appears on the DTCC registry, signaling possible launch readiness.
- LINK trades near $15.9, consolidating between $13 and $26 in a long-term range.
- Open interest recovers to $667 million, hinting at rising trader participation.
- Technical indicators show a slightly bullish bias but no confirmed breakout.
The ETF, listed under the ticker CLNK, is currently labeled as both “active” and “pre-launch” on DTCC’s platform — a step that historically has preceded formal approvals by the U.S. Securities and Exchange Commission (SEC). While not a guarantee, such listings typically occur when an issuer’s preparations for market debut are nearly complete.
Bitwise first filed its Form S-1 for the Chainlink ETF in August, seeking to track LINK’s market performance — the token that powers Chainlink’s decentralized oracle network, which bridges blockchain applications with real-world data. A final Form 8-A filing would be required before trading begins, indicating that the process is approaching its final phase.
Chainlink Price Steadies Near $16
At the time of writing, LINK trades at $15.89, marking a slight 1% daily dip but an 8% weekly gain, according to CoinMarketCap data. The token currently holds a $11.07 billion market cap, with $681 million in daily trading volume and open interest around $667 million, suggesting steady derivatives activity despite subdued volatility.
On the daily chart, LINK remains confined between $13 and $26, a wide symmetrical triangle that has acted as a compression zone for over a year. Market analyst Ali (@ali_charts) noted that this range represents a “no-trade zone,” suggesting the next major breakout will determine the long-term trend direction.
The range between $13 and $26 is a no-trade zone for Chainlink $LINK. The next major move will come once price breaks out of this range. pic.twitter.com/y69Adpc5un
— Ali (@ali_charts) November 12, 2025
Technical indicators reflect the same indecision:
- RSI hovers near 44, signaling neutral momentum.
- MACD shows limited divergence, implying consolidation rather than directional strength.
- TradingView’s aggregated technical summary still tilts slightly “Buy”, supported mainly by moving averages rather than oscillators.
Futures Data Shows Position Rebuilding
Futures open interest in LINK stands near $667 million, recovering from last week’s low of around $630 million, data from Coinglass shows. The gradual increase suggests traders are beginning to rebuild exposure following weeks of risk reduction across altcoin derivatives.
Historically, LINK’s price tends to rise alongside surges in open interest, as seen during last year’s rally toward $25. However, analysts warn that excessive leverage could trigger sharp liquidations if the token fails to maintain support near $14.
Government Shutdown Still Slows ETF Progress
Despite progress from Bitwise, the broader ETF approval pipeline remains delayed due to the ongoing U.S. government shutdown, now in its 42nd day. While the Senate has passed a funding bill to reopen federal operations, the SEC’s limited staffing has left dozens of crypto ETF applications stalled.
Among those still awaiting decisions are proposals tracking Solana, Avalanche, Hedera, and Aptos, as asset managers race to launch products beyond Bitcoin and Ethereum. Grayscale has also filed for its own Chainlink ETF, though its plan to integrate staking may face additional regulatory scrutiny.
New SEC Listing Rules Could Accelerate Approvals
Industry watchers remain optimistic that the SEC’s new generic listing standards, introduced just before the shutdown, could speed up future crypto ETF approvals. These rules allow certain digital asset funds to be listed without individualized review, provided they meet baseline compliance and liquidity requirements.
If implemented swiftly once the government resumes full operations, this framework could pave the way for a new wave of spot crypto ETFs — potentially including Bitwise’s Chainlink fund — to enter U.S. markets within months.
Outlook: Chainlink Awaits Catalyst
For now, LINK’s sideways movement reflects investor caution as markets await regulatory clarity and macro catalysts. A decisive breakout above $18 could trigger a renewed uptrend toward the mid-$20s, while a drop below $13 would confirm weakness and invalidate the current accumulation zone.
Until then, analysts see the upcoming ETF developments as the key narrative that could finally push Chainlink out of its multi-year consolidation.
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