Bitwise CLNK draws inflows while whales stockpile, but the token fails to rally above $14.
Chainlink (LINK) gained another foothold in traditional markets on Tuesday as Bitwise launched its spot Chainlink ETF (CLNK) on NYSE Arca, becoming the second U.S.-listed exchange-traded product directly tied to LINK.
The debut drew modest inflows and coincided with notable on-chain whale activity, though LINK’s price failed to react positively in the short term.
Bitwise CLNK Launches
Bitwise’s ETF entered the market on January 14, posting approximately $2.59 million in net inflows on its first trading day, according to SoSoValue data. Net assets stand near $5.18 million, with trading volume of $3.24 million.
The fund carries a 0.34% management fee, which Bitwise has temporarily waived for the first three months on up to $500 million in assets. While the launch was subdued compared to earlier crypto ETF debuts, it further expands regulated access to LINK for U.S. investors.
The listing follows Grayscale’s Chainlink Trust ETF (GLNK), which debuted in early December and attracted $37.05 million in first-day inflows.
Combined, LINK-linked ETFs now account for roughly $95.87 million in net assets.
Whales Move LINK Off Exchanges
Alongside the ETF launch, on-chain data pointed to continued accumulation by large holders. Wallets tracked by Onchain Lens showed significant withdrawals from centralized exchanges, a pattern typically associated with longer-term positioning rather than near-term selling.
One wallet pulled 139,950 LINK (about $1.96 million) from Binance, adding to an earlier withdrawal of 202,607 LINK worth roughly $2.7 million. In total, the address accumulated around 342,557 LINK over two days.
Separately, another large wallet reportedly withdrew 207,328 LINK, valued at around $2.78 million, on January 12.
LINK Price Reaction Remains Muted
Despite the new ETF launch and ongoing LINK outflows from exchanges, the token slipped on January 15, dropping about 3% from Wednesday’s high of $14.36 to $13.90.
LINK closed indecisively after testing the top of its ascending channel. The coin could pull back toward the $13.0-$13.2 support zone before making another attempt at the upper channel boundary.
Staying above $14.20 would indicate bullish momentum, while falling below that level could extend sideways trading.
Why This Matters
The combination of a second U.S. spot Chainlink ETF and large-scale whale accumulation highlights growing institutional interest and could reshape LINK’s liquidity and trading dynamics in the weeks ahead.
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