Key Insights:
- LINK price surged more than 2% to hit $14.
- Bitwise Chainlink ETF gets approval to list on NYSE Arca under the ticker CLNK.
- Grayscale Chainlink ETF (GLNK) saw inflows of $2.24 million on Monday.
LINK price jumped over 2% to reach $14 after Bitwise, a major crypto asset manager with $15 billion in assets, received approval from NYSE Arca to list its spot Chainlink ETF under the ticker ‘CLNK’.
The Bitwise ETF is set to launch soon, joining the Grayscale Chainlink ETF (GLNK). This launch could boost LINK’s price as optimism grows in the crypto market.
Bitwise Chainlink ETF Gets NYSE Arca Greenlight
According to the U.S. SEC filing on January 5, Bitwise Chainlink ETF becomes auto-effective with an 8-A submission to list under the “CLNK” ticker on NYSE Arca.
“An application for listing of the Shares of the Trust has been filed with and approved by NYSE Arca,” as per the statement.
In an amended S-1 filing, Bitwise also increased the total fee waiver period from one month to three months for up to $500 million in assets under management, making the ETF more attractive to early investors.
As a result, LINK price reacted positively, indicating the impact of the news on the market sentiment.
Meanwhile, the initial basket of shares, valued at $2.5 million (100,000 shares at $25 each), will be purchased by Bitwise Investment Manager LLC.
Bitwise also indicated a secondary investment objective in LINK staking, naming Attestant Ltd as the preferred staking agent if staking is enabled in the future.
As The Coin Republic reported earlier, the Chainlink ETF’s management fee is set at 0.34%. Coinbase Custody will serve as the crypto custodian, while BNY Mellon will act as the cash custodian.
The creations and redemptions of shares will occur in baskets via authorized participants, using in-kind LINK or cash mechanisms. The ETF will track the spot LINK price based on the CME CF Chainlink–Dollar Reference Rate – New York Variant.
Chainlink (LINK) ETF Records $62.22 Million in Net Inflows
Bitwise Chainlink ETF will join Grayscale’s GLNK. It is expected to launch this week.
The Grayscale Chainlink ETF (GLNK) saw inflows of $2.24 million on Monday, raising its total inflows to $62.22 million. The total assets under management have increased to $87.64 million.
Grayscale has also waived its 0.35% management fee for three months or until the ETF reaches $1 billion in assets under management.
The launch of Bitwise’s spot LINK ETF will mark a significant milestone for institutional and retail investors seeking regulated exposure to the Chainlink ecosystem.
Will LINK Price Rally?
LINK price has surged over 2% in the last 24 hours and trades at $13.86 at the time of writing. The 24-hour low and high were $13.41 and $14.11, respectively.
Trading volume has increased by nearly 49% over the past 24 hours. This shows growing trader interest amid positive sentiment in the broader crypto market.
Crypto analyst Ali Martinez shared a 4-hour price chart. He predicted LINK price to continue pushing toward the top of the channel at $14.63.
CoinGlass data shows LINK futures open interest rose nearly 3% to almost $675 million in 24 hours.
The 4-hour LINK futures open interest increased to 2%. The futures OI jumped 2.11% on Binance and 1.97% on OKX, highlighting increased activity in derivatives markets.