Digital asset manager Bitwise has filed to launch the first-ever spot exchange-traded fund (ETF) tied to Chainlink’s native token (LINK) in the U.S., giving investors direct exposure to the oracle network’s cryptocurrency.

The S-1 registration statement, submitted to the Securities and Exchange Commission (SEC) on Tuesday, names Coinbase Custody as the proposed custodian for the fund’s holdings. The move comes as asset managers increasingly expand beyond bitcoin and ether products, buoyed by a friendlier regulatory climate under the Trump administration.

Market reaction
News of the filing lifted LINK by 5% from intraday lows, though the token still closed down 1.6% over 24 hours at $25.04, according to CoinDesk data. LINK fell as low as $22.90 from a peak of $24.81, before staging a modest recovery during the 10:00–11:00 UTC window, when volumes spiked to 3.35 million tokens following the ETF announcement.

Analysts say the bounce suggests short-term oversold conditions may be attracting value buyers, though broader market consolidation continues to weigh on altcoins.

Technical signals

• LINK slid 4.67% between Aug. 25 (12:00 UTC) and Aug. 26 (11:00 UTC), from $24.61 to $23.46.
• The token traded within a $1.84 range, with resistance at $24.30 and support near $23.00.
• Volumes hit 6.58 million, nearly triple the 24-hour average of 2.29 million.
• A failure to reclaim $24.00 risks further downside toward $23.00, while a break above resistance could shift sentiment.

While the ETF proposal underscores growing institutional interest in altcoin-based investment vehicles, market participants caution that LINK must sustain levels above $24.00 to shake off its current bearish momentum.