Bitwise CIO argues Chainlink is significantly misunderstood and undervalued.
Chainlink’s cryptocurrency, LINK, has surged in social media discussions, reaching its highest social volume in five weeks. This increase follows the update of Chainlink’s Data Streams infrastructure, which now provides U.S. stock and ETF prices almost in real-time, 24 hours a day, five days a week. Even as the market remains pressured, the attention has notably focused on Chainlink’s “infrastructure” narrative. During this period, commentary has grown more cautious, with Bitwise CIO Matt Hougan arguing that LINK is still significantly undervalued.
ContentsData Streams Update Brings Chainlink Back into the LimelightDeveloper Momentum and the “Deep Value” DebateData Streams Update Brings Chainlink Back into the Limelight
Chainlink’s Data Streams upgrade aims to enable DeFi protocols to track pre-market, regular, after-hours, and night trading sessions in the U.S. markets. The system has been extended to stream U.S. stock and ETF prices on a 24/5 cycle in near-real-time, thus aiming to reduce the significant constraints of bringing traditional financial markets onto the blockchain.
According to Santiment’s latest findings, the spike in social volume occurred while the overall market displayed weakness. The data suggests that participants are discussing Chainlink not just as an altcoin moving in sync with Bitcoin but as an infrastructure cornerstone for tokenization and on-chain finance.
In the same data set, a consistent shift has been observed towards more buy-oriented statements compared to sell-oriented ones over the past month. The near bear-level comments, unseen in over a year, indicate that high interactions alone do not necessarily equate to optimism; discussions are gradually veering towards a more cautious framework.
Developer Momentum and the “Deep Value” Debate
On the development activity front, Chainlink stands out across various metrics. The project ranks as the most developed in the DeFi space in several measures, including weekly “notable GitHub events,” with these indicators steadily rising since its launch.
While market sentiment tends towards caution, certain industry figures believe that the project’s valuation does not reflect its reality. Bitwise CIO Matt Hougan described Chainlink as one of the most crucial yet misunderstood crypto assets, even going so far as to suggest it may be “deeply undervalued.” This commentary coincides with the quiet launch of Bitwise’s Chainlink ETP, which has seen limited early trading volume compared to its Bitcoin counterparts.
According to Hougan, many investors only label Chainlink as a “data oracle.” However, he describes the project as a rapidly growing software platform that connects blockchains with real-world data and systems. In addition to emphasizing its dominant market share, he highlights Chainlink’s support for major sectors like stablecoins, DeFi, tokenization, and prediction markets, and notes its adoption by institutions like SWIFT, JPMorgan, Visa, Fidelity, and DTCC.
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