ETF Boom Continues: This Altcoin Could Be Next After XRP & DOGE
Chainlink (LINK) has been in a gentle downtrend for the previous month, sliding to $11.5 as market volatility continues to weigh on main altcoins. Despite this weak spot, sentiment round Chainlink is shifting shortly.
With XRP and Dogecoin spot ETFs debuting this week, LINK is more and more considered because the main candidate for the subsequent main altcoin ETF — a catalyst that might reshape its value trajectory.
Can Grayscale File For Chainlink ETF?
Grayscale just lately printed an in-depth analysis report that reads like a powerful endorsement of Chainlink’s long-term worth. The agency emphasizes that LINK functions as important infrastructure, enabling safe communication between on-chain sensible contracts and off-chain real-world information.
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The report notes that LINK is the most important non-Layer-1 token by market cap, providing broad publicity throughout the crypto economic system. It highlights Chainlink’s increasing institutional partnerships, its rising position in real-world asset tokenization, and accelerating demand for its companies.
Grayscale’s intensive evaluation suggests deep institutional conviction — a powerful signal that the agency could also be positioning LINK for its subsequent ETF product.
Analyst Hints That LINK ETF Is Coming Soon
Bloomberg ETF analyst Eric Balchunas has additionally fueled hypothesis. In two separate posts, Balchunas acknowledged {that a} Chainlink ETF — seemingly Grayscale’s GLINK — is already in improvement. He first suggested it might launch as early as subsequent week.
“Grayscale Dogecoin ETF $GDOG authorized for itemizing on NYSE, scheduled to start buying and selling Monday. Their XRP spot can be launching on Monday. $GLNK coming quickly as nicely, week after I feel,” acknowledged Balchunas.
Following the profitable rollout of the XRP and Dogecoin ETFs, he reiterated on Monday that GLINK might debut by December 2, aligning with the speedy tempo of altcoin ETF approvals.
The Depository Trust & Clearing Corporation (DTCC) has added much more weight to the narrative. Its web site lists the Bitwise Chainlink ETF Beneficial Interest, suggesting one other LINK ETF is already positioned for approval.
Bitwise has a powerful observe document on this area, having launched the primary Solana ETF and the second XRP ETF. With LINK already listed and Bitwise aggressively expanding its ETF lineup, the chance of a near-term launch will increase considerably.
LINK Price Awaits a Bounce Back
LINK is buying and selling at $12.81, urgent in opposition to the $12.94 resistance stage whereas nonetheless trapped beneath a month-long downtrend. The technical construction suggests hesitation, however ETF-driven demand might shift momentum shortly.
If a spot LINK ETF is authorized, contemporary capital might break the downtrend and push LINK above $13.77 and $14.66. A rally of this magnitude would assist erase its 31% decline since early November.
If approvals are delayed, LINK may lose assist and fall again to $11.64 or decrease. This would outcome within the bullish thesis being utterly invalidated and lengthening LINK’s downtrend.
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