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Bitwise Files to Launch a Spot Chainlink ETF, LINK Bounces 5%
Bitwise Chainlink ETF aims to provide investors with direct exposure to LINK and has named Coinbase Custody as the proposed custodian for the tokens.
Aug 26, 2025, 1:14 p.m.
What to know:
- Bitwise filed an S-1 statement to launch the first U.S. spot-based ETF focused on Chainlink's native token.
- LINK's price rebounded 5% from the overnight lows on the news but remains under bearish pressure according to Coindesk Research's technical analysis model.
Digital asset manager Bitwise is preparing to launch a spot-based exchange traded fund (ETF) focused on holding the native token of Chainlink , a first in the U.S.
According to the S-1 registration statement filed with the U.S. Securities and Exchange Commission on Tuesday, the Bitwise Chainlink ETF aims to provide investors with direct exposure to LINK and named Coinbase Custody as the proposed custodian for the tokens.
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The filing fits into a broader trend of asset managers seeking to launch altcoin-focused spot ETFs in the U.S. as regulatory headwinds receded under the Trump administration, following the success of bitcoin and ether vehicles.
LINK bounced 5% from the overnight lows on the news, but was still down 1.6% over the past 24 hours, per CoinDesk data.
Despite the rebound, CoinDesk Research's technical analysis model suggested sustained bearish pressure for LINK as the crypto market is going through a consolidation period.
LINK encountered substantial downward pressure over the past 24 hours, falling from a session peak of $24.81 to a low of $22.90.
A notable recovery effort surfaced during 10:00-11:00 UTC, coinciding with the ETF filing, as the price rallied from $23.02 to $23.54 on heightened volume of 3.35 million units, indicating possible consolidation above the crucial $23.00 psychological threshold.
The model suggested that reclaiming the $24.00 level is key to halting the bearish momentum, while the recent rebound implies oversold conditions may be attracting value-seeking investors.
Technical indicators point to downward momentum
- Price declined 4.67% from $24.61 to $23.46 during the last 24-hours from Aug. 25 12:00 to Aug. 26 11:00 UTC.
- Trading range of $1.84 between a maximum of $24.81 and a minimum of $22.90.
- Volume surged to 6.58 million units, significantly above 24-hour average of 2.29 million.
- Strong resistance established around $24.30 with support near $23.00.
- Failure to reclaim $24.00 indicates continued bearish sentiment.
- Break below $23.40 support level suggests further downside risk toward $23.00.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
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