Chainlink’s LINK token has spiked after Bitwise Asset Management recently filed with the SEC for the first-ever US Chainlink ETF. The development has sparked hopes that institutional investors are about to be able to get regulated exposure to one of crypto’s most important infrastructure tokens.
LINK, now the 11th-largest digital currency, has been trading around $24, demonstrating fresh momentum as markets responded to the filing. Prior to ETF news breaking out LINK had been moving in a downward direction, however the positive news was enough to let bulls push the price 6% up from $22.9 in just a few hours.
With the Relative Strength Index( RSI) still under the oversold region, there is still room for more buying pressure to act on price and possibly push it towards $25. To add more weight to this projection the current price has already broken the resistance provided by the 100 SMA (Simple Moving Average).
Analysts point out that the possibility of an ETF with a specific focus emphasizes Chainlink’s increasing role in decentralized finance, NFTs, gaming, and cross-chain applications.
The suggested Bitwise Chainlink ETF would be benchmarked to the CME CF Chainlink Dollar Reference Rate, and custodian would be Coinbase Custody.
If approved, it would take Wall Street’s exposure past Bitcoin and Ethereum, and it would represent a significant milestone for oracle technology’s adoption in mass finance.
Bitwise is also waiting on decisions regarding ETFs on XRP, Solana, Dogecoin, and Aptos, following the SEC’s previous spot Bitcoin and Ethereum ETF approval.
For Chainlink, the news is not only indicative of institutional interest but also a confirmation of its increasing role as the bedrock of blockchain infrastructure.
Also Read: Grayscale, Bitwise and Others File Updates for Spot XRP ETFs
