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Grayscale Chainlink Trust ETF (Symbol: $GLNK) launched on Tuesday, attracted about $41.5 million in its first day and was a milestone for altcoin funds in the United States.
Institutional demand for access to cryptocurrencies is growing beyond Bitcoin and Ethereum. As a result, many investors are waiting to see if… LINK You can reach new heights.
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Main points of the article
Grayscale Chainlink Trust ETFtraded under the symbol $ GLNK on the stock exchange NYSE Ark, is the first ETF Direct to Chainlink for US investors. According to data SoSoValueas of December 3, it recorded a net flow of $40.90 million at the start of its launch, with total net assets of $67.55 million and volume of $8.45 million. The fund closed up 7.74% at $12.81 per share.
Grayscale converted the existing Chainlink Trust, which was first launched in February 2021, into this fund. ETF. This move is in line with the company’s broader strategy and provides organizations with direct access to LINK Through traditional accounts. At the time of the report, the price was LINKwhich is the original Chainlink token, $14.66.
The CEO of Grayscale said Peter Mintzberg The launch was a “clear signal of broader market demand for access to Chainlink,” indicating growing institutional interest in the network’s tokens. With its strong first day, $GLNK has become one of the best funds ETF The new cryptocurrency is performing well, amid increased market activity and regulatory changes.
Main points of the article
Technical analysts have noticed a decisive change in the price pattern forLINK When the box appears ETF. The symbol broke a one-month descending channel. Many observers now believe that this can help overcome it LINK The highs of 2021, since institutional flows via $GLNK could be catalysts for new records.
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The data on the chain shows a significant arrest of whales before and after the launch of the fund ETF. LeConchine said 39 new portfolios withdrew 9.94 million LINK The value of $188 million from Binance since the market correction in October. This behavior confirms the confidence among the major holders despite the recent fluctuations.
But not all big investors benefited. I chose OnchainLens An address that managed to own 2.33 million LINK in six months for $38.86 million. This whale now faces an unrealized loss of $10.5 million, with an estimated investment value of $28.38 million. This example highlights the risks and volatility of LINK pooling, especially for early buyers at higher prices.
Market dynamics and potential risks
Open interest data provides an accurate view after the launch of the ETF. Open interest has increased At about $7 million, after a previous decline. These trends indicate renewed trader engagement and increased confidence in LINK’s capabilities. Rising price and open interest usually indicate bullish momentum and active derivatives trading.
Analysts warn that the whales who accumulated LINK before the launch of the ETF could soon approach the breakeven or profit targets. If these holders sell, selling pressure may limit short-term gains despite strong institutional flows. Traders are watching closely as LINK tests resistance, balancing optimism with reversal possibilities as they wait for more momentum.
The future of ETFs depends on whether institutional demand meets the whale sales prospects and continues to attract capital. With increasing technical breakouts, whale accumulation, and open interest growing with record ETF inflows, a breakout and correction are still possible. Market participants are watching to see if LINK maintains its upward momentum or if profit taking leads to a correction before reaching new high values.
