$42 million in revenue was reported by Grayscale's Chainlink ETF on its first day

Source: CritpoTendencia Original Title: $42 million in revenue reported by Grayscale’s Chainlink ETF on its first day Original Link: This Wednesday, the financial firm Grayscale launched the first Chainlink ETF (LINK) on NYSE Arca. This fund saw strong activity from traders despite the recent cooling of the crypto world. During the first day, the product received inflows of $42 million dollars.

This new product trades under the symbol GLNK and, contrary to some reserved estimates, experienced reasonably good activity. According to Bloomberg analyst James Seyffart, this performance is enormously positive for a first day of activity. The expert highlighted the fact that the product reached $62 million in assets under management and a high trading volume.

Seyffart concedes that the launch cannot be described as an outright success. However, the fact that it was the first trading day makes it an outstanding debut. In addition, the crypto market conditions surrounding this launch should be considered. Since last October 10, the cryptocurrency market has experienced a strong intermittent bearish trend that has wiped out tens of billions.

This Grayscale product becomes the first ETF linked to the Chainlink token (LINK). Unlike other traditional ETFs, this one offers exposure to the price of LINK through an ETP structure. The product represents a new effort by Grayscale to give clients access to assets related to tokenization and cryptocurrencies.

The Chainlink ETF joins the list of newly launched crypto products

In recent weeks, numerous exchange-traded products linked to cryptocurrencies have appeared on the US equity market. The notable factor is that most of them have had positive performances at launch. Basically, all recent crypto products, except for Dogecoin, have posted gains.

This shows that the local bear market affecting cryptocurrencies is not a reason for Wall Street to completely stay away. In fact, significant portfolios are seeking greater exposure, precisely considering that the market cool-down is happening despite solid fundamentals.

It’s important to note that Grayscale’s Chainlink ETF could soon be joined by a similar product from Bitwise. Recently, this product was registered with the DTCC under the symbol CLNK. Although appearing on the DTCC is an administrative step and not an approval of the product itself.

However, this step is highly relevant, as it is the first move for a product that will soon be offered on the market.

These moves related to LINK exchange-traded funds could have a notable impact on the coin’s spot market price.

At the time of writing, the token’s price is up +2.26% in 24 hours, while the weekly performance is approaching double-digit gains. This puts the price of LINK at $14.66 per coin.