An application for the launch of a Bitwise-backed ETF focused on Chainlink has appeared in the clearing corporation DTCC registry. This is one of the key steps towards the full launch of the fund and a potential signal to investors that the launch may be near.
The news itself is considered a major milestone for the integration of crypto assets into traditional financial instruments. But despite this step forward, the price of the LINK token continues to decline. The reason is the general market downturn and ongoing uncertainty in the regulatory sphere.
While short-term sentiment remains cautious, many investors maintain cautious optimism and see the ETF listing as a possible catalyst for long-term growth.
Bitwise’s Chainlink ETF is almost ready for launch
The fund under the ticker CLNK appeared on the eligibility list on the DTCC platform, with statuses “active” and “in pre-launch phase.” Usually, this is one of the last steps before trading begins on the exchange.
Being added to the registry indicates that technical preparations for settlements and clearing have already been completed. However, this does not mean automatic approval by the U.S. Securities and Exchange Commission (SEC) — the regulator’s decision has not yet been made.
The ETF will track the price of the Chainlink (LINK) token, which is used in the decentralized oracle network of the same name. It connects smart contracts with real-world data.
Bitwise filed for registration (Form S-1) back in August. Another important document is Form 8-A, which has not yet been submitted. Without it, the fund cannot start trading on the exchange. The appearance of CLNK in the DTCC database suggests that the launch could take place as soon as regulators in the US resume work.
ETF launch delayed by shutdown, but market is already waiting for approval
The 42-day US government shutdown halted the SEC‘s activities, freezing dozens of crypto ETFs, including Bitwise‘s application for a Chainlink fund. However, optimism has returned to the market. The Senate approved a funding bill that should restore normal regulator operations and unblock pending applications.
According to Bloomberg, most funds that have passed the listing stage in DTCC eventually receive approval if the regulatory environment normalizes. Analyst Eric Balchunas emphasizes that the appearance of the Chainlink ETF in the DTCC lists is a good sign. The fund will almost certainly come to market when the SEC resumes work.
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Bitwise has already chosen a digital asset custodian for the fund, which will be Coinbase Custody Trust. In addition, the ETF will operate in an in-kind format. Investors will be able to exchange fund shares directly for LINK tokens and vice versa. Analysts believe this could increase liquidity and boost institutional interest in the Chainlink network.
Other asset managers, including Grayscale, are also developing products based on Chainlink. However, their offerings include staking, which may complicate the approval process with the SEC.
What about LINK’s price: correction after ETF news
Despite progress with the ETF launch, the price of Chainlink fell by 3.3% in the last 24 hours, pulling back from the growth recorded over the past seven days (+5.5%).
The correction is explained by the overall market weakening and profit-taking after a week of active speculation amid ETF news.
Against the backdrop of the price drop, open interest in LINK derivatives fell by 8% — a signal that traders are reducing positions due to short-term uncertainty.
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The entire crypto market fell by 1.7% during the same period, indicating persistent fragility in sentiment despite positive infrastructure shifts.
From a technical perspective, LINK has dropped below the 7-day moving average ($15.61), and the nearest resistance is now at the 30-day SMA, around $16.93.
The RSI (Relative Strength Index) has also dropped to 43, indicating a weakening momentum. If the token closes below the support level of $15.22, analysts allow for a return to October lows around $13.87.
Chainlink (LINK) price dynamics. Source: CoinMarketCap
Despite short-term instability, in the long term Chainlink‘s position looks strong. The project continues to strengthen as a key element of decentralized finance infrastructure.
The latest update is the integration of Chainlink Data Streams and DataLink into the main Injective EVM network, announced on November 11. This solution enables the use of real-time price feeds with minimal latency, paving the way for next-generation DeFi applications.
The integration strengthens Chainlink‘s leadership in the oracle sector and highlights its importance not only as a speculative asset but also as a technological foundation for the crypto market.
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At the time of publication, the LINK token is trading around $15.50, with a market capitalization exceeding $10.8 billion.
Although short-term LINK dynamics remain ambiguous, approval of the ETF could become a serious trigger for growth at the institutional level.
