Bitwise Asset Management has submitted a formal registration statement (S-1 form)
to the U.S. Securities and Exchange Commission (SEC) for a proposed Chainlink Exchange Traded Fund (ETF). This financial product aims to provide U.S. investors with exposure to the real-time market value of Chainlink (LINK) without requiring them to directly manage digital wallets or engage with cryptocurrency exchanges. The ETF’s framework involves Coinbase Custody serving as the custodian of the LINK tokens, with Coinbase, Inc. handling the prime execution of trades. Crucially, the ETF will not participate in staking activities. This aspect is significant because Bitwise intends for the ETF to purely track the spot price of LINK, without generating additional yield through validator rewards.
While the absence of staking might seem like a restriction, it potentially simplifies the process of gaining regulatory approval. Although the SEC has recently suggested that staking rewards may not automatically qualify as securities transactions,
Bitwise
appears to be adopting a highly cautious approach. By excluding staking, the ETF reduces possible regulatory complications, thus improving its chances of being approved by the SEC.
This Chainlink ETF proposal aligns with a broader trend of Wall Street expanding its offerings beyond Bitcoin to include single-asset crypto products like Avalanche and Ethereum. For Chainlink (LINK), the introduction of this institutional investment vehicle could serve as a major catalyst for substantial capital inflows.
LINK Price Prediction: Current LINK Price Action
Analyzing the daily chart, the current price of LINK is approximately $23.68, reflecting a recent correction from a high of $25.32. This price decrease follows a significant rally that pushed LINK above the $20 resistance level for the first time in several months.
The Bollinger Bands indicate increased volatility, but LINK’s price remains above the middle band, currently at $23.34, which is acting as immediate short-term support. The 20-day Simple Moving Average (SMA), around $21, could offer another support level if selling continues. Looking upward, potential resistance lies at $27.95, and breaking above $30 could revive memories of the 2021 bull run.
In essence, Chainlink’s price has retraced from its recent peak but is still maintaining a generally bullish outlook. A drop below $21 would diminish momentum, while staying above $23 reinforces the ongoing upward trend.
LINK Price Prediction: Can LINK Reach $100?
To provide context, Chainlink’s all-time high was $52, recorded in May 2021. Reaching $100 would require an increase of roughly 325% from its present price of around $23. While substantial, such gains are not unprecedented in the cryptocurrency market, especially considering potential ETF-driven inflows and the growing narrative around tokenization.
Institutional interest could amplify price movements. If the ETF gains similar traction to Bitcoin and Ethereum ETFs, Chainlink could attract billions in new investment. Paired with Chainlink’s increasing importance as a leading oracle provider for tokenized assets and Decentralized Finance (DeFi), the prospect of reaching $100 becomes a question of timing rather than possibility.
However, this is unlikely to happen immediately. In the short term, LINK needs to regain the $30 and $40 levels to build momentum towards its all-time high. Only after successfully retesting the $52 mark can a $100 target be considered a realistic objective.
Near-Term Outlook
Technical analysis suggests that
LINK’s price could consolidate between $21 and $27
in the near future. If ETF enthusiasm increases and buyers defend the $21-$23 support area, a breakout towards $30-$35 is conceivable by the fourth quarter. Conversely, falling below $20 could lead to a decline towards the $16 support level.
Over the medium to long term, the ETF filing positively influences the overall sentiment toward Chainlink. This development isn’t just speculative hype; it’s a structural shift that brings regulatory legitimacy and attracts institutional capital. For investors, this ETF represents a potential turning point. For Chainlink’s price, it could be the catalyst that eventually propels it beyond $52 and sets the stage for a run towards $100.
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