Bitwise’s Chainlink ETF makes DTCC debut as LINK price slips 5%
The first-ever Chainlink ETF is moving closer to launch as Bitwise advances its proposed fund.
- Bitwise’s Chainlink ETF is now listed on the DTCC under the ticker CLNK.
- The listing is considered a positive indicator but does not guarantee SEC approval, which is delayed due to the ongoing government shutdown.
- LINK dropped 5% despite the news, trading at $15.52, indicating bearish market sentiment.
- The token recently failed to break the $17.40 resistance and may test the $13.90 support if bears remain in control.
Bitwise’s proposed Chainlink ETF has officially appeared on the Depository Trust & Clearing Corporation (DTCC) website, signaling progress toward a potential launch. Listed under the ticker symbol CLNK, the ETF is now classified under both the “active” and “pre-launch” categories.
While this listing does not confirm regulatory approval, DTCC entries have historically preceded Securities and Exchange Commission (SEC) greenlights, giving the market cause for optimism.
The ETF is designed to offer both institutional and retail investors direct exposure to Chainlink’s native token, LINK (LINK). However, the SEC’s decision has been delayed due to the ongoing U.S. government shutdown, which has stalled broader regulatory operations. Once the shutdown ends and if the SEC grants approval, Bitwise’s ETF would be positioned to go live without delay.
Meanwhile, Grayscale is also preparing a spot Chainlink ETF, though it may face tougher scrutiny due to its proposed staking features. The DTCC listing comes shortly after similar appearances by multiple spot XRP ETFs, fuelling market expectations for regulatory greenlight. Other exchange-traded funds are also listed on the website and are expected to go live in the coming weeks.
LINK price drops despite Bitwise’s Chainlink ETF listing
Despite the bullish sentiment around the ETF listing, LINK has not responded positively in price action. The token has slipped 5% in the last 24 hours and is trading at $15.52, according to data from crypto.news. This decline followed a failed attempt to break past the $17.40 resistance zone, suggesting that recent gains may have been a short-lived false breakout.
The broader crypto market is also under pressure, with more than $470 million in liquidations recorded over the past day. Chainlink’s price is mirroring the downtrend in the broader market, despite the ETF development being a potentially bullish trigger. Current technical indicators reflect caution, with the Relative Strength Index (RSI) sitting at 41.72, below the 50 neutral line.
For LINK to regain momentum, the price would need to reclaim $16.80 and demonstrate sustained, volume-backed breakouts. If downward pressure intensifies, the next major support lies around $13.90, a critical level that could dictate short-term price direction.
