Chainlink Gains ETF Access: Bitwise Launch Brings Potential 270% Price Surge

The Bitwise Chainlink ETF has officially been approved for listing on NYSE Arca, with trading set to begin tomorrow under the ticker CLNK. The NYSE Arca confirmed the registration of the fund’s common shares under the Exchange Act of 1934, clearing the way for investors to access Chainlink (LINK) through a conventional brokerage account.

The ETF directly holds LINK, giving investors exposure to the cryptocurrency without investors needing to deal directly with wallets, custody, or private keys themselves.

Initially, the fund won’t stake, but Bitwise says it plans to seek staking approval later as a secondary goal. That could allow the fund to accrue more LINK over time.

The management fee shall be 0.34%. The sponsor fee will be fully waived for the first three months as a one-time incentive for the first $500 million of assets to attract early investors and reduce initial costs.

Also Read: Chainlink (LINK) Eyes $30 Target as ETF Approval Sparks Renewed Demand

Chainlink Price Shows Strong Accumulation

After the ETF news, trading volume for Chainlink shot up 101% in the last 24 hours to $637.26 million, and the price rose to $13.92, up about 5% for the day.

Analysts says that LINK stays in an important accumulation zone on the weekly chart, near the lower trendline of a long-term rising channel that has stayed in place since 2023. LINK tends to go through historical patterns of accumulation, breakout, and growth.

In the past, breakouts from similar-sized accumulation areas have seen gains of around 138% each, pushing the price to around $23, and about 142%, lifting it toward $31. It is indicative that smart money tends to buy during sideways periods, eventually setting up strong upward momentum.

Source: X

Upper Channel Breakout Could Trigger Stronger Rally

Current analysis indicates that LINK is moving from accumulation into expansion. If this pattern continues as it has in the past, price could be targeting the upper bound of the channel around $46, which is roughly a 270% increase from recent lows.

From a market structure viewpoint, LINK’s higher lows support the bullish case. A steady move above the upper channel resistance would be needed to spark a stronger rally beyond $46. Until then, the cryptocurrency seems to follow its usual long-term pattern of slowly rising step by step before it perhaps speeds up into the next big bullish phase.

Also Read: Chainlink Builds Rebound Setup, Targets $15 Upside