Chainlink (LINK) has been in a steady downtrend for the past month, sliding to $11.5 as market volatility continues to weigh on major altcoins. Despite this weakness, sentiment around Chainlink is shifting quickly.
With XRP and Dogecoin spot ETFs debuting this week, LINK is increasingly viewed as the leading candidate for the next major altcoin ETF — a catalyst that could reshape its price trajectory.
Can Grayscale File For Chainlink ETF?
Grayscale recently published an in-depth research report that reads like a strong endorsement of Chainlink’s long-term value. The firm emphasizes that LINK functions as critical infrastructure, enabling secure communication between on-chain smart contracts and off-chain real-world data.
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The report notes that LINK is the largest non-Layer-1 token by market cap, offering broad exposure across the crypto economy. It highlights Chainlink’s expanding institutional partnerships, its growing role in real-world asset tokenization, and accelerating demand for its services.
Grayscale’s extensive analysis suggests deep institutional conviction — a strong sign that the firm may be positioning LINK for its next ETF product.
Analyst Hints That LINK ETF Is Coming Soon
Bloomberg ETF analyst Eric Balchunas has also fueled speculation. In two separate posts, Balchunas stated that a Chainlink ETF — likely Grayscale’s GLINK — is already in development. He first suggested it could launch as early as next week.
“Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday. $GLNK coming soon as well, week after I think,” stated Balchunas.
Following the successful rollout of the XRP and Dogecoin ETFs, he reiterated on Monday that GLINK could debut by December 2, aligning with the rapid pace of altcoin ETF approvals.
Upcoming ETF Launches. Source: Eric Balchunas
The Depository Trust & Clearing Corporation (DTCC) has added even more weight to the narrative. Its website lists the Bitwise Chainlink ETF Beneficial Interest, suggesting another LINK ETF is already positioned for approval.
Bitwise has a strong track record in this space, having launched the first Solana ETF and the second XRP ETF. With LINK already listed and Bitwise aggressively expanding its ETF lineup, the probability of a near-term launch increases significantly.
Bitwise ETF Listing. Source: DTCC
LINK Price Awaits a Bounce Back
LINK is trading at $12.81, pressing against the $12.94 resistance level while still trapped under a month-long downtrend. The technical structure suggests hesitation, but ETF-driven demand could shift momentum quickly.
If a spot LINK ETF is approved, fresh capital could break the downtrend and push LINK above $13.77 and $14.66. A rally of this magnitude would help erase its 31% decline since early November.
LINK Price Analysis. Source: TradingView
If approvals are delayed, LINK may lose support and fall back to $11.64 or lower. This would result in the bullish thesis being completely invalidated and extending LINK’s downtrend.
