Bitwise Asset Management has filed for a spot Chainlink (LINK) exchange-traded fund (ETF) in the U.S., aiming to give investors direct exposure to the oracle network’s native token. The filing with the Securities and Exchange Commission (SEC), submitted Tuesday, lists Coinbase Custody as the proposed custodian.
The application makes Bitwise the first asset manager to target a spot ETF for LINK, expanding on the success of spot bitcoin and ether funds that have drawn billions in inflows. The move also reflects a broader wave of altcoin ETF interest amid a more favorable regulatory environment under the Trump administration.
Market reaction
LINK briefly climbed 5% on the announcement but remains down 1.6% in the past 24 hours, trading near $25.04 at last check. The token’s price action has been choppy: falling from $24.81 to $22.90 before stabilizing, with a notable rebound during 10:00–11:00 UTC when it rose from $23.02 to $23.54 on 3.35M volume.
Technical setup
- LINK declined 4.67% from $24.61 to $23.46 in the prior session.
- The token traded in a $1.84 range with resistance near $24.30 and support at $23.00.
- Volumes spiked to 6.58M, well above the 2.29M daily average, signaling elevated institutional flows.
- Analysts highlight $24.00 as a key pivot; a sustained reclaim could shift sentiment, while a break under $23.40 risks another move lower toward $23.00.
For now, traders see the ETF filing as a long-term bullish catalyst, but LINK’s short-term trajectory hinges on whether buyers can defend the $23 level and overcome resistance at $24.30.
