Chainlink (LINK) Price Jumps as Grayscale Launches First U.S. Chainlink ETF on NYSE Arca

TLDR

• Grayscale launched the first U.S. Chainlink ETF (GLNK) on NYSE Arca on Tuesday, converting from a private trust that operated since 2021.
• LINK price rose to $12.68, reflecting a 10% increase, with strong support at $12.00 and resistance levels at $13.50 and $15.00.
• The ETF uses a cash-only model and became the first product to offer ETF access to blockchain oracle networks.
• GLNK closed its first trading day at $11.89, up 5.8%, with volume reaching 1.17 million shares compared to an average of 42,000 shares.
• Grayscale followed the same trust conversion pathway used for its recent DOGE and XRP ETF launches last month.

Grayscale launched its Grayscale Chainlink Trust ETF (GLNK) on NYSE Arca on Tuesday. The product became the first spot Chainlink exchange-traded product to reach the U.S. market.

The conversion shifted the vehicle from a private trust into an ETF holding Chainlink’s native cryptocurrency, LINK, as its sole asset. Grayscale filed an amended S-1 last month that set the structure for the newly listed product.

The debut marks Grayscale as the first to offer ETF access to the world of blockchain oracles. The spokesperson said it would help investors engage more directly with this critical layer of blockchain infrastructure.

Chainlink operates an oracle network designed to connect smart contracts on any blockchain to real-world data, events and off-chain computation. The network serves as infrastructure for synchronizing on-chain and off-chain information.

Price Movement Following Launch

LINK price rose to $12.68 at the time of reporting, reflecting a 10% increase. The price shows strong support at $12.00, with resistance levels at $13.50 and $15.00.

GLNK closed its launch day at $11.89, up 5.8%. After-hours trading lifted it to about $12, according to Yahoo Finance data.

Volume reached 1.17 million shares, far above its average of roughly 42,000. This indicated outsized first-day interest and active price discovery as the newly listed ETF transitioned from OTC markets to NYSE Arca.

Technical Indicators and Market Conditions

The MACD indicates an upward movement since the MACD line is above the signal line. The histogram is also green, which is an indicator of persistent purchasing.

The Relative Strength Index (RSI) is 51.34, which means neutral market conditions. This indicates that the asset is not overbought or oversold.

Grayscale’s debut for its Chainlink ETF follows the same trust conversion pathway used in its DOGE and XRP ETF launches late last month. Those products began trading on NYSE Arca after clearing similar procedural steps.

The SEC’s new listing standards, approved in September, played out as a key factor in enabling the asset manager to launch the product. Grayscale was able to rely on a pathway outlined by the SEC at the onset of the government shutdown to submit their filing for GLNK.

That move triggered a 20-day window at the end of which the product became automatically effective. When asked about their assessment of early trading conditions, the Grayscale spokesperson said trading volume has been very positive.

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