Chainlink ETF Coming This Week, Will LINK Price Recover from Crash?

Chainlink LINK $12.16 24h volatility: 6.9% Market cap: $8.47 B Vol. 24h: $623.60 M could grab the crypto market’s attention this week, with the upcoming launch of a LINK exchange-traded fund (ETF) this week. As per ETF expert Nate Geraci, asset manager Grayscale is at the forefront of this move. On the other hand, the LINK price has tanked 7% today, showing signs of a crypto market correction.

Chainlink ETF Coming This Week, Says Expert

Nate Geraci, the President of Nova Dius Wealth, noted that the Chainlink ETF could be coming this week. This will be the first spot LINK ETF coming to the US market, coming from asset manager Grayscale. This launch coincides with the introduction of other crypto ETFs, like several XRP ETFs and Solana ETFs.

According to Geraci, Grayscale intends to upgrade and convert its existing Chainlink private trust into a publicly traded ETF. This would unlock major institutional access for the LINK cryptocurrency.

Grayscale launched its Chainlink Trust (GLNK) back in February 2021, shares of which are currently trading at $15. The fund has an expense ratio of 2.5%, with more than $17.2 million in assets under management.

In November, the Chainlink ETF by Bitwise also made an appearance on the DTCC website, hinting at a potential launch ahead. This highlights that institutional demand for the LINK digital asset is expanding quickly.

Will LINK Price Recover from Here?

LINK price has crashed nearly 30% last month in November amid the broader crypto market correction. This happened despite the strong LINK accumulation happening throughout October.

With today’s crypto market crash, LINK price is down another 7% today, trading at $12.21, with daily trading volumes surging 117% to $592 million. Crypto analyst Ali Martinez noted that Chainlink (LINK) may be retesting its recent breakdown zone. He suggested the possibility of a further fall to $8, if bulls fail to reclaim the support.

Another market analyst, Aaryan, said the LINK price could see a bullish upswing if the token forms a strong bullish engulfing candle or any candle that reflects substantial buying pressure.

He added that LINK would turn “mega bullish” if buyers step in decisively at the highlighted support zone below. =

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