Bitwise Chainlink ETF Listed on DTCC, LINK Drops
- Bitwise Chainlink ETF listed on DTCC, impacting LINK price.
- LINK token’s value dropped post announcement.
- SEC approval pending; market reaction mixed.
The Bitwise Chainlink ETF with ticker CLNK has been listed on the DTCC pre-launch list, signaling a potential market move despite no SEC approval, sparking mixed market reactions.
Link’s recent price drop of 4-5% post-listing reveals investor caution and market anticipation of SEC approval, reflecting on broader crypto ETF trends.
The Bitwise Chainlink ETF under the ticker CLNK has now appeared on the DTCC’s list, marking a noteworthy step towards a market launch. Chainlink’s token (LINK) experienced a price drop following this announcement.
Bitwise Asset Management is spearheading this ETF initiative, led by CEO Hunter Horsley and CIO Matt Hougan. Chainlink Labs is indirectly involved, since ETF tracks LINK’s performance. DTCC acts as a market infrastructure provider.
The immediate market reaction saw Chainlink’s token fall by 4-5%, closing around $15.52. This suggests a possible “sell-the-news” sentiment or market anticipation being already priced in.
There are no major on-chain activities like TVL spike, suggesting no significant capital inflow upon the listing. Financial implications remain pending ahead of any SEC trading approval and subsequent capital allocation.
“LINK drops 4% as Chainlink ETF news fails to push break of technical resistance.” – Anonymous analyst, TradingView
Community sentiment on social media platforms remains divided, with some expressing enthusiasm for institutional access, while regulatory uncertainties keep others cautious.
Historically, securities listed on DTCC prior to SEC approval do not guarantee immediate market success. Until SEC approval, investors will likely remain in a cautious state, assessing future capital inflows and broader market influence.
