Chainlink (CRYPTO: LINK) is up 4% over the past 24 hours, and two fresh catalysts dropped this week that could push it higher: Bitwise’s spot Chainlink ETF launching on NYSE Arca under ticker CLNK, and a Senate Banking Committee draft bill Tuesday granting LINK the same commodity status as Bitcoin (CRYPTO: BTC).
Bitwise Chainlink ETF Launches With Zero Fees For 3 Months
Bitwise received approval to list its spot Chainlink ETF on NYSE Arca, with trading expected to begin this week.
The ETF offers a full fee waiver for the first three months covering up to $500 million in assets, dropping to a 0.34% management fee afterward.
The fund launched with $2.5 million in seed capital, equal to 100,000 shares priced at $25 each.
Coinbase Custody will safeguard the LINK holdings, while BNY Mellon handles cash custody.
Although LINK staking is listed as a secondary objective, no timeline has been confirmed. If staking gets introduced later, Attestant Ltd. has been named as the preferred provider.
Daily trading volume spiked nearly 45% following the announcement, while futures open interest climbed to $665 million, suggesting new positions rather than short-term trades.
Senate Bill Grants LINK Bitcoin-Like Commodity Status
The Senate Banking Committee released a draft bill Tuesday that treats Chainlink the same way regulators treat Bitcoin—as a commodity under CFTC oversight, not a security under SEC rules.
LINK qualifies as a “non-ancillary asset” because a Chainlink ETF was already trading on major exchanges before January 1.
This grants LINK Bitcoin-like status, eliminating SEC disclosure requirements and regulatory uncertainty.
Grayscale ETF Shows Strong Institutional Demand
Additionally, Grayscale’s Chainlink ETF has reported steady inflows surpassing $62 million so far. With Bitwise’s spot ETF entering the market this week, institutional exposure to LINK is increasing, which could support continued demand.
Bitwise manages around $15 billion in crypto assets under management and continues expanding its presence in regulated altcoin ETFs.
The firm’s track record with Bitcoin and Ethereum (CRYPTO: ETH) ETFs gives the Chainlink product credibility with institutional investors.
LINK Tests Breakout After 14 Months Of Compression
LINK is attempting to break out of a massive triangle pattern that’s been squeezing price since November 2024’s $31 peak.
The triangle has spent over a year compressing price between converging trendlines.
The token sits just below critical resistance at $14-$15.
Multiple technical indicators cluster in this zone, and breaking above $15 would be the first real sign that LINK is ready to make a serious move higher.
Path To $30 Opens Above $18
LINK needs to break above $18 to escape the triangle’s grip and target the $24-$32 zone where major supply sits from the previous rally.
The setup is straightforward: breaking $15 opens $16, then $18. Clearing $18 targets $20-$22, with the ultimate goal being $24-$30.
However, support sits at $12.90-$13.00. Breaking $12 invalidates the triangle pattern and targets $10-$11 or lower to $8-$9.
The 14-month compression pattern typically precedes explosive breakouts, and the dual catalysts provide fundamental reasons for institutional money to enter.
Image: Shutterstock
Recent Comments