Chainlink ETF Filing by Bitwise Sends LINK Higher, Posting 5% Daily Gain

Bitwise Asset Management has filed to launch the first U.S. spot ETF tied to Chainlink’s native token (LINK), aiming to give traditional investors direct exposure to the oracle network. The S-1 filing with the Securities and Exchange Commission names Coinbase Custody as the proposed custodian.

The move comes as asset managers expand beyond bitcoin and ether ETFs, taking advantage of a regulatory climate that has grown more supportive of crypto under the Trump administration.

Market reaction muted
News of the filing sparked a 5% bounce from overnight lows, though LINK remains down 1.6% over the past 24 hours, trading near $25.04. Price action has been volatile: LINK fell from a $24.81 peak to $22.90, before rebounding during 10:00–11:00 UTC to $23.54 on trading volume of 3.35 million units.

Technical signals mixed

• LINK lost 4.67% between Aug. 25–26, sliding from $24.61 to $23.46.
• Trading ranged between $22.90–$24.81, with heavy resistance near $24.30.
• Volume spiked to 6.58M, well above the 24-hour norm of 2.29M, reflecting heightened activity.
• Analysts warn that a failure to reclaim $24.00 keeps bears in control, while a break below $23.40 would open downside risk toward $23.00.

Despite near-term pressure, some traders see the ETF as a longer-term bullish catalyst that could legitimize LINK as an investable asset alongside bitcoin and ether.