LINK Jumps 5% After Bitwise Submits Application for Spot Chainlink ETF

Bitwise Asset Management has taken steps to bring the first U.S.-listed Chainlink (LINK) spot exchange-traded fund (ETF) to market, filing an S-1 registration statement with the Securities and Exchange Commission (SEC) on Tuesday. The filing designates Coinbase Custody as the proposed custodian.

The proposed product is designed to give investors direct exposure to LINK, extending a trend that has already seen spot bitcoin and ether ETFs succeed in attracting institutional flows. The move also reflects a broader push by issuers to expand into altcoin-focused ETFs, aided by a more favorable regulatory stance under the Trump administration.

Market response
LINK initially rallied 5% on the news, rebounding from an overnight dip, but the token still posted a 1.6% decline over 24 hours, trading near $25.04, CoinDesk data show. LINK’s session saw heavy volatility, sliding from a high of $24.81 to a low of $22.90 before stabilizing. A notable recovery took place during 10:00–11:00 UTC, when prices rose from $23.02 to $23.54 on volumes of 3.35 million, suggesting buyers were active around the $23.00 support zone.

Technical backdrop

LINK dropped 4.67% over the prior 24 hours, falling from $24.61 to $23.46.
The trading range spanned $1.84, with resistance at $24.30 and strong support near $23.00.
Daily volumes surged to 6.58 million, far above the average of 2.29 million, indicating heightened institutional participation.
Analysts say a sustained break above $24.00 would be needed to ease bearish momentum, while failure to hold $23.40 could expose a move back toward $23.00.

The filing underscores growing institutional interest in alternative crypto ETFs beyond bitcoin and ether, but for traders, LINK’s near-term challenge remains technical consolidation around the $23–$24 zone.