Grayscale’s Chainlink ETF Sees $41M in Inflows on Strong Launch

TLDR

• Grayscale launched the first-ever Chainlink ETF, GLNK, attracting $42 million in inflows on its debut day.
• The Chainlink ETF reached $64 million in assets and showed strong trading volume on its first day of trading.
• Bloomberg’s James Seyffart praised the launch as a successful opening despite the broader market downturn.
• Chainlink’s native token saw a 6% increase within the first 24 hours of GLNK’s launch.
• Grayscale’s product offers exposure to Chainlink’s on-chain data infrastructure, but with elevated risk compared to traditional ETFs.

Grayscale launched the first-ever Chainlink ETF, GLNK, yesterday, witnessing strong investor demand. The fund attracted nearly $42 million on its opening day, signaling a successful debut. James Seyffart, Bloomberg’s ETF analyst, praised the product’s performance, calling it a “very good opening for a new launch.”

Grayscale’s Chainlink ETF Achieves Strong Day-One Performance

The Grayscale Chainlink ETF reached $64 million in assets on its first day. The ETF also demonstrated high trading volume, which is unusual for a new product. Seyffart noted that this performance is especially impressive given the broader market downturn.

“This is a very good opening for a new launch,” Seyffart said. He emphasized that the performance is even more remarkable given the recent slump in the crypto market. Chainlink’s native token, which GLNK directly holds, also showed a 6% increase within the first 24 hours of trading.

Despite the recent downturn in crypto performance, the Chainlink ETF saw significant activity. GLNK posted over $13 million in trading volume on its debut day. This is a strong sign of market interest, according to Bloomberg’s Eric Balchunas.

“Another insta-hit,” Balchunas commented on the high trading volume of GLNK. The success of Grayscale’s Chainlink ETF sets a high bar for other upcoming products, including Bitwise’s Chainlink ETF. The product, listed under the ticker CLNK, was added to the DTCC last month.

Chainlink’s on-chain data infrastructure remains crucial for the crypto sector, which GLNK aims to provide access to. Grayscale’s product offers exposure to the Chainlink network through an ETP structure. However, the firm has warned that the product carries elevated risk, distinct from traditional ETFs.

Bitwise’s Chainlink ETF Follows Grayscale’s Success

While investors are reacting positively to Grayscale’s launch, attention is also on Bitwise’s Chainlink ETF. Bitwise’s product was listed on the DTCC in November but has yet to be approved. Many in the industry are watching closely to see how Bitwise’s fund performs when it goes live.

The Chainlink ETF market is heating up, with major investors buying 4.73 million LINK tokens within just 48 hours. The strong demand suggests that the Chainlink ecosystem continues to attract investor interest. With more ETFs in the pipeline, the sector’s growth seems poised for continued momentum.

GLNK’s debut highlights how investors are willing to take advantage of the growing demand for Chainlink exposure. Despite concerns about crypto volatility, the launch proves that products like the Chainlink ETF resonate with market participants.

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