Popular altcoins Uniswap (UNI) and Chainlink (LINK) are likely to see big price rises in the coming days, after digital asset manager Coinshares said it will list ETPs featuring the two.
CoinShares said in an announcement it will list two new physically-backed exchange-traded products (ETPs) tracking the prices of UNI and LINK. The ETPs will be listed on Germany’s Xetra exchange.
The tokens reacted positively to the announcement, rising off intraday lows. UNI is up 4% from its intraday low at $7.03, while LINK rose about 3% to $11.25, with both tokens now trading positive for the day. But both tokens were also trading at their lowest levels since January 2021, owing to broader weakness in the crypto market.
Major Ethereum whales already appeared to be loading up on UNI and LINK after the announcement. Data from Whalestats showed that UNI was among the 10 most-purchased tokens by whales in the past 24 hours.
Coinshares said the new ETPs will be listed from today. They will both charge an annual management fee of 1.50%, and will be denominated in U.S. dollars.
The move is expected to benefit UNI and LINK, given that investors can now buy into the two tokens without actually holding any crypto. This aspect of ETPs makes them extremely attractive to big trading houses, who are hesitant to directly hold cryptocurrencies.
The ETPs are CoinShares’ seventh new launch this year. In April, the firm launched an ETP tracking the FTX token, in a tie-up with the crypto exchange. The two had earlier also launched an ETP offering investors access to Solana staking rewards.
CoinShares also operates ETPs tracking Bitcoin, Ethereum, and other major altcoins.
Historically, higher amounts of institutional trading in crypto have always driven big gains in prices. Bitcoin’s meteoric rise to record highs in November came right at the heels of the first Bitcoin ETF being released in the United States.
But this also works conversely- dumping by major trading houses is reflected in sharp price declines. Waning interest in Bitcoin this year is one of the main drivers of the token’s underperformance.
The XRP Ledger (XRPL) is to undergo a major upgrade next week to introduce key…
Payward, the parent company of the Kraken crypto exchange, has been approved by the Virtual…
Binance has launched a new product that enables traders to make predictions about the price…
Bitget has introduced a new market framework to enhance oversight across listed assets, project teams,…
Terra Luna Classic News: Jane Street used a private Telegram channel to receive insider information…
Ripple nears securing a master account as the US Fed plans to broaden access to…