DTCC Lists Bitwise’s Spot Chainlink ETF Under Ticker CLNK as LINK Trades Near $15

The Bitwise spot Chainlink Exchange Traded Fund (ETF) has appeared on the Depository Trust and Clearing Corporation (DTCC) listing, suggesting that the launch is nearing. The ETF appeared in the “active” and “pre-launch” listing under the ticker symbol CLNK. The list was released on Tuesday. The appearance in the listing is a stronger indicator that the ETF is nearing its launch. 

Bitwise’s Spot Chainlink ETF 

The Bitwise filed Form S-1 statement with the Securities and Exchange Commission (SEC) for a spot chainlink ETF on August 26. The appearance in the DTCC listing suggests that the fund is ready to launch. The DTCC is the organization that handles clearing, settlement, and custody of nearly every stock and ETF traded in the United States; it’s the central clearing house of Wall Street.  Bitwise is yet to file a Form 8-A for its Chainlink ETF, the last step before the debut. 

Though waiting for the green light from the SEC, historically DTCC listing is a stronger indicator that the ETF will go live soon. If it debuts, it will be one of the first Chainlink ETFs to go live in the U.S, thus increasing its significance.

The Chainlink is a platform that offers oracle services needed for hybrid smart contracts on blockchains. It acts as a link between the blockchains and verified real-world data. It is done by interfacing with external APIs and data feeds, allowing them to pull data from or push data to a smart contract. Founded by Sergey Nazarov and Steve Ellis back in 2017, the platform services are currently employed in wider institutional use cases in sectors ranging from DeFi to gaming. The ETF is meant to open more doors for institutional investors to the Chainlink ecosystem. Nevertheless, the native token is currently hovering around $15. 

How is Chainlink (LINK) Faring Now?

The chainlink (LINK) is currently trading at around $15.70, and the price has decreased by 2.56% in the past 24 hours. The market cap touched $10.94 billion. Appearance on the ETF pre-listing is supposed to send a bullish signal to the market; however, the pending SEC approval led to profit-taking. 

The token is currently trading above the 10-day Simple Moving Average (SMA) of 15.436. The 14-day Relative Strength Index (RSI) value of 43.110 suggests a neutral stance. However, MACD is having a bullish crossover. Despite the current bearish sentiment, the crypto natives are optimistic, and the bullish predictions anticipate the price to reach $18 amid the favourable macroeconomic conditions and ETF momentum. The $16 is the most crucial level for the token. A failure to move could result in a dip to $11. 

More ETFs are on the Way As the Government Shutdown Nears the End

The Bitwise ETF is rivaled by Grayscale’s proposals offering staking options for the LINK. Moreover, as senators have reached an initial agreement to end the shutdown, a flurry of ETF approvals is anticipated. The XRP spot ETF from Canary is about to debut tomorrow, November 13. Some of the major ETFs lined up for the November launch include those from Franklin Tempton and 21Shares. 

The increased filing for crypto ETFs reflects strong institutional interest in crypto. Even though the crypto market is currently experiencing a dip, the market is expected to rebound once the government reopens, ending macro uncertainties to a larger extent.