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.
Share this content:
