Bitwise Chainlink ETF is listed on the Depository Trust and Clearing Corporation (DTCC) platform under the ticker CLNK. This move marks an important step towards access to LINK by educational institutions.
However, on-chain data shows that LINK holders have continued to sell over the past month despite the increased trust in institutions.
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Bitwise Chainlink ETF listed on DTCC
The long-awaited Bitwise Chainlink ETF (CLNK) has been listed on the DTCC platform, taking an important step towards institutional access to LINK tokens.
The listing does not yet imply regulatory approval, but it does indicate progress toward final transaction preparation.
This list is part of the standard clearing and settlement preparation process prior to receiving SEC approval.
However, the integration of DTCC and Chainlink’s CCIP and CRE suggests that the project’s role in financial infrastructure is expanding.
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Chainlink joins the FRB chain
Chainlink co-founder Sergei Nazarov recently further strengthened its institutional credibility with executives from JPMorgan and Amazon at the Federal Reserve FinTech Conference. This panel focused on the convergence of global payment systems and digital assets.
This shows that Chainlink’s interoperability solution is gaining traction among major financial institutions. Appearances in such prestigious policy forums typically increase an institution’s credibility and visibility and are important catalysts for large-scale adoption.
Despite positive news, LINK holders continue to sell
Nevertheless, on-chain data shows sustained selling among LINK holders even as Chainlink moves closer to ETF approval and institutional integration.
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Based on the above post, sentiment reflects a trend of widespread investor disillusionment during the accumulation phase. Clairhawk Capital explained that these patterns are often accompanied by sideways, illogical and bearish price action, even when fundamentals are strong.
“They all behave exactly the same way when they accumulate…Big money can’t buy everything at once, and it raises money by pumping out distractions and memes, and uses that money to keep accumulating asymmetric play with extra money, unless the general public and retailers are aware…When enough volume accumulates, the price action starts to break out and enters price discovery,” the analyst explained.
Exchange balance reaches record low, whales increase
Although individual investors seem to be cautious, whales are steadily adding to their stock. According to on-chain analyst Ali, large holders have added more than 4 million LINK tokens in the past two weeks, pushing the exchange’s supply ratio to its lowest level ever.
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Arca Research also observed that the exchange’s LINK is in freefall, reaching its lowest price in over two years. This suggests that long-term holders are moving their tokens off exchanges in anticipation of higher prices.
With the introduction of the Bitwise Chainlink ETF to the DTCC platform, Chainlink’s path to mainstream exposure is clearer than ever. A combination of institutional consolidation and whale accumulation could shift market sentiment in the near term.
At the time of writing, LINK token is trading at $15.93, up almost 3% in the past 24 hours.
