Chainlink's Future Hinges on First U.S. Spot ETF Filing

Digital asset manager Bitwise has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first spot-based exchange traded fund (ETF) focused on Chainlink’s native token, LINK, marking a potential milestone in the U.S. cryptocurrency market. The filing, submitted as an S-1 registration statement, outlines plans for the Bitwise Chainlink ETF to provide investors with direct exposure to LINK, a move that aligns with a growing trend of asset managers seeking to offer altcoin-focused spot ETFs. Coinbase Custody has been proposed as the custodian for the tokens held in the fund [1].

The development comes as regulatory clarity has improved in the U.S., particularly under the Trump administration, following the successful launches of bitcoin and ether ETFs. This has created a favorable environment for asset managers to explore similar products for other major cryptocurrencies. Bitwise’s initiative is seen as part of a broader industry shift toward offering retail investors more diversified exposure to digital assets beyond the major cryptocurrencies [2].

The announcement has had an immediate impact on Chainlink’s price, with LINK rebounding approximately 5% from its overnight lows following the filing. According to market data, the price rose from $23.02 to $23.54 during the 10:00–11:00 UTC timeframe, coinciding with the public disclosure of the ETF filing. The increased volume during this period—3.35 million units—suggests a heightened level of market interest in the token, potentially driven by speculative activity and investor sentiment around the new product [1].

Despite the short-term rebound, LINK remains under bearish pressure, having declined 4.67% over the past 24 hours from $24.61 to $23.46. The token has traded within a $1.84 range, with a high of $24.81 and a low of $22.90. Technical analysis from CoinDesk Research indicates that the price remains in consolidation mode, with key levels of support and resistance defined around $23.00 and $24.30, respectively. The model suggests that the failure to reclaim the $24.00 level could signal further downward momentum for the token [2].

Market observers note that the price action reflects broader conditions in the crypto market, which has been experiencing a period of consolidation. While the 5% rebound indicates some level of investor interest, particularly from value-seeking investors who may see oversold conditions, the overall trend remains bearish. A breakdown below the $23.40 support level could increase the risk of further declines toward the $23.00 threshold. Volume data also reinforces this view, as the 6.58 million units traded over the past 24 hours—well above the average—suggests increased volatility and heightened market sensitivity to news [1].

Source:

[1] Bitwise Files to Launch a Spot Chainlink ETF, LINK Bounces 5% (https://www.coindesk.com/markets/2025/08/26/bitwise-files-to-launch-a-spot-chainlink-etf-link-bounces-5)

[2] Bitwise Files to Launch a Spot Chainlink ETF, LINK Bounces 5% (https://finance.yahoo.com/news/bitwise-files-launch-spot-chainlink-131406803.html)