Chainlink ETF Eyes Imminent Debut —Will LINK Finally Break Its Slump?
Grayscale's Chainlink ETF (GLNK) is set to debut on December 2, raising questions about whether it will boost LINK's price despite recent poor performance of other altcoin ETFs.Summary
Grayscale's Chainlink Trust ETF, ticker GLNK, is scheduled to begin trading on NYSE Arca on December 2, marking the firm's third altcoin ETF launch in two weeks as part of a strategy targeting altcoins with strong institutional narratives. This debut occurs amid challenging market sentiment, as recently launched Solana and XRP ETFs have seen significant price declines (18% and over 10%, respectively) post-launch. Furthermore, on-chain data shows a major LINK whale currently holds an unrealized loss of $10.5 million from accumulating 2.33 million LINK over six months, which could lead to short-term selling pressure. Conversely, bullish indicators include LINK's circulating supply on exchanges dropping to its lowest level since 2020, a historical precursor to major rallies. Investors are watching the first 72 hours of GLNK trading to determine if the ETF will act as a catalyst for LINK or follow the slump pattern of its predecessors.
(Source：BeInCrypto)