Grayscale officially launched the first Chainlink exchange-traded product (ETP) in the United States on Tuesday, trading under the ticker GLNK on NYSE Arca. This significant debut was met with considerable investor enthusiasm, as the fund generated between $37 million and $41 million in net inflows on its first day of trading. Bloomberg ETF analyst James Seyffart characterized this as a “very good opening for a new launch,” noting that the fund ultimately reached a total of $64 million in assets by the end of its inaugural session.
The launch also had a noticeable impact on the price of Chainlink (LINK). Over the 24-hour period following the debut, LINK experienced a price increase of approximately 6-7%, climbing to $14.40. This surge meant that LINK outperformed many other major cryptocurrencies, accompanied by a dramatic spike in trading activity. Trading volume surged 183% above the average, reaching a peak of 6.71 million tokens traded at 14:00 UTC. Although the token did experience a brief pullback after touching $14.63, it managed to maintain an upward trend from its previous base of $13.35.
Key to the fund’s appeal is its structure; GLNK offers investors a straightforward method to gain exposure to Chainlink without the complexities associated with traditional 40-Act ETFs. By directly holding Chainlink’s native token, the ETP allows investors to engage via standard brokerage accounts. Analysts have noted the robust liquidity in the initial trading sessions, with Bloomberg’s Eric Balchunas referring to GLNK as “another insta-hit” in the expanding landscape of crypto-focused exchange-traded products.
The interest from major investors has been considerable. Analyst Ali Martinez highlighted that large holders acquired 4.73 million LINK tokens in just 48 hours following the launch, demonstrating strong demand and confidence in the product.
In an interesting development, Bitwise has filed for its own Chainlink ETF, registered under the ticker CLNK with the DTCC. While this administrative step suggests progress, approval is not guaranteed, and market participants remain attentive for further updates regarding Bitwise’s offering.
In terms of market performance, LINK outpaced the CoinDesk 5 Index, which saw a rise of 3.3% on the same day, outperforming it by over 4 percentage points. Throughout the trading session, LINK established a series of higher lows, maintaining its position above significant support levels despite experiencing a rejection at session highs.
Overall, GLNK’s launch suggests potential for sustained interest in Chainlink and the broader crypto market, particularly given the promising early metrics and investor engagement observed.
