LINK Price Slides 7% Despite Bitwise Chainlink ETF Gains DTCC Listing

Bitwise Chainlink ETF gets listed on the DTCC website. The listing indicates progress towards approval of the spot exchange-traded fund (ETF) nears. It comes amid listings of several other ETFs tracking spot prices of altcoins such as XRP, HBAR, and Sui. LINK price plunges more than 7% to an intraday low of $15.20 over the last 24 hours.

DTCC Platform Lists Bitwise Chainlink ETF

Chainlink ETF by asset manager Bitwise appeared under the ticker CLNK on the DTCC’s website. The listing is a procedural step as part of the standard clearing and settlement process and does not indicate regulatory approval.

The decision on ETF approvals lies with the U.S. Securities and Exchange Commission. However, Solana, HBAR, and Litecoin ETFs became auto-effective for listing and trading on exchanges. In cases such as a government shutdown, an issuer’s S-1 filing goes automatically effective 20 days later without SEC intervention.

Bitwise Chainlink ETF listing on DTCC sparks speculation with the crypto community amid ETF launch anticipation. The trust aims to provide institutional and retail investors with exposure to LINK. However, SEC decisions on the ETF are delayed due to the prolonged government shutdown. The US government reopening is expected this week, pending the House vote.

LINK Price Drops 7%

LINK price tumbled more than 7% over the past 24 hours, currently trading at $15.36. The 24-hour low and high are $15.23 and $16.66, respectively. Furthermore, trading volume has dropped by 20% in the last 24 hours, indicating a decline in trader interest due to crash predictions amid whale selling.

Notably, LINK price is trading below the 50-MA and 200-MA on the daily chart, even though the Bitwise Chainlink ETF decision is near. The price needs to rebound above $18.60 to confirm further upside momentum.

CoinGlass data showed massive selling in the derivatives market. Total LINK futures open interest tumbled more than 8% to $645.28 million in the last 24 hours. 4-hour futures open interest on Binance, OKX, and Bybit fell more than 4%, 4.30% and 11%, respectively.