Bitwise Asset Management has applied to launch a spot Chainlink (LINK) ETF in the U.S., naming Coinbase Custody as custodian in an S-1 filing with the SEC. The product would give investors direct exposure to LINK, marking the first such fund in the country.
The filing follows the success of spot bitcoin and ether ETFs and reflects broader momentum among asset managers to expand into altcoin-based vehicles as U.S. regulators ease their stance under the Trump administration.
Market reaction was cautious. LINK briefly bounced 5% after the news, though it remains down 1.6% on the day, last trading at $25.04. Over the prior session, the token fell from $24.81 to $22.90 before rebounding to $23.54 on a spike of 3.35 million in trading volume.
Technical picture remains mixed:
- LINK lost 4.67% in the 24 hours through Aug. 26, sliding from $24.61 to $23.46.
- Volume surged to 6.58M, nearly triple the daily average.
- Resistance remains firm near $24.30, with support building at $23.00.
- A decisive break above $24.00 would ease bearish pressure, while failure to hold $23.40 could invite further downside.
While near-term signals point to consolidation, analysts say the ETF could act as a longer-term catalyst for institutional adoption of Chainlink.
