Bitwise Chainlink ETF receives approval and prepares for its stock market debut

Source: CritpoTendencia Original Title: Bitwise Chainlink ETF Gets Green Light and Prepares for Stock Market Debut Original Link: The application for a (ETF) tracking Chainlink by Bitwise received approval from U.S. regulators. This opens the door for the product, with exposure to the spot price of the LINK token, to begin trading this very Wednesday. In this way, the asset joins the group of tokens with direct presence on NYSE Arca.

According to the documentation submitted to the U.S. Securities and Exchange Commission (SEC), the LINK ETF will trade under the symbol CLNK. It is worth noting that the fund’s launch occurs in a particularly favorable context for crypto products.

Since Tuesday, Wall Street capital has been flowing strongly into sector ETFs. As a reference, BTC ETFs recorded inflows of $753 millions, while ETH ETFs attracted $130 millions, according to Farside data.

This intense buying pressure drove a broad price increase during Wednesday’s trading in the overall cryptocurrency market. In this context, flows into stock assets linked to digital currencies are expected to continue, reinforcing the idea that the Chainlink ETF debut is happening at a particularly opportune moment.

One of the factors working in favor of this new product is the limited direct competition. Currently, it is only the second LINK ETF available in the U.S. market. Its only competitor is the Grayscale product, which recently transitioned into an ETF after operating for years as a trust.

Other factors that could favor the Chainlink ETF

Beyond the low level of competition for specific capital, Bitwise’s product features an attractive internal structure. First, its management fee stands at 0.34%, a competitive level within the crypto ETF segment.

Adding to this is a significant commercial strategy: Bitwise announced it will waive the sponsorship fee during the first three months of trading. This exemption will apply until reaching the first $500 millions in assets under management. Practically, this measure represents a significant cost reduction for investors entering the fund’s early stages.

It is worth noting that Bitwise’s Chainlink ETF will hold LINK tokens directly in custody. Its shares, meanwhile, can be freely traded on NYSE Arca. A point to consider is that the product will not offer staking services in its initial phase.

However, the company left open the possibility of adding this option in the future, aiming to expand potential benefits for investors.

With these elements in place, the new LINK-exposure ETF is preparing to launch in New York. Its market debut reinforces the signal that demand for crypto products from Wall Street portfolios continues to grow.

LINK token performance

In response to this positive news, the LINK token shows green numbers during Wednesday’s session. According to CoinMarketCap data, the cryptocurrency is currently ranked 13th in the global market cap ranking, with a total value close to $9.84 billion.

At the time of writing, LINK’s price is around $13.9 per unit, with a 4.7% increase in the last 24 hours. On the weekly chart, performance remains positive, with a 2.2% gain.

It is important to note that this bullish movement is also supported by the overall momentum of BTC. As usual, the largest cryptocurrency exerts a direct influence on the price dynamics of other altcoins.