LINK token sees relief as Bitwise files for Chainlink ETF

Bitwise filed a new preliminary prospectus for a Chainlink (LINK) spot ETF, expanding the selection of altcoins. The filing stalled the correction of LINK as all crypto assets deflated in the past week. Bitwise Investment Advisers filed a preliminary S-1 prospectus for a Chainlink ( LINK ) ETF, expanding the selection of altcoins in the process of approval. The latest filing arrives at a time when the US Securities and Exchange Commission is taking its time to approve existing proposals. However, this does not stop funds from expanding the selection of altcoins. As with other ETFs, the Chainlink product will use Coinbase Custody to store the tokens and will be cash-settled. However, in the event of a liquidation, the Trust may compensate buyers in cash or in kind. So far, in-kind settlement that transfers crypto is not practiced by ETFs, where investors prefer not to handle the issues of self-custody or keeping track of wallets. As Cryptopolitan previously reported , the SEC pushed the Wisdom Tree ETF to October. Recently, LINK was also represented in Canary Capital’s “ Made in USA ” crypto selection, with a new multi-asset ETF filing . LINK is among the top 5 “Made in USA” assets by market capitalization. Following the news of the ETF, LINK traded at $23.54, stemming its recent loss. LINK remains a leading token connected to the RWA tokenization narrative. The only live mainstream product for LINK is Grayscale’s Chainlink Trust. The Trust carries over $29M in value, with 0.89 LINK per share. The Chainlink Trust has shown relatively low volumes and has often traded at significant premiums and discounts in relation to the market value of LINK. However, a far-reaching ETF may be more liquid and track the token’s value more easily. LINK activity and accumulation accelerate In the past month, LINK’s daily active addresses have increased to a higher range in 2025. Despite this, LINK reaches around 10K daily active addresses at most, as it is not used by retail wallets. Instead, Chainlink is highly active in supplying oracle data for DeFi. Chainlink retains a peak share of oracle data, securing over $59.56B in value. The oracle secures over 61% of distributed apps, with a total of 458 protocols secured. LINK is seen as a valuable asset to stake and secure oracle services. Currently, the supply of LINK on exchanges is close to its lower range, with mostly outflows since the summer of 2024. LINK exchange reserves are mostly trending downward, though with regular whale inflows during periods of market turbulence. | Source: Cryptoquant LINK has also seen sudden exchange inflows, and is one of the tokens with significant volatility. The asset was expected to move to triple-digit prices, but has moved within a range between $12 and $52 for years. LINK sparks bullish trading LINK got a boost from the RWA tokenization narrative and the growth of DeFi. As a result, open interest recently spiked to $897M, later returning to $710M. Hyperliquid whales are extremely bullish on LINK based on their distribution of long positions. | Source: Coinglass Based on Hyperliquid whales, LINK shows the biggest shift to a bullish attitude. Over 86.59% of whales on the perpetual futures DEX hold long positions. For LINK, this may also be a risk in the case of cascading liquidations. However, the behavior of Hyperliquid whales suggests LINK may see a rebound rally. Sign up to Bybit and start trading with $30,050 in welcome gifts