ETF Boom Continues: This Altcoin Could Be Next After XRP & DOGE

Core Insights - Chainlink (LINK) has experienced a steady downtrend, currently priced at $11.5, amidst market volatility affecting major altcoins. However, sentiment is shifting as LINK is seen as a leading candidate for the next major altcoin ETF, which could significantly impact its price trajectory [1]. Group 1: ETF Developments - Grayscale has published a research report endorsing Chainlink's long-term value, highlighting its role as critical infrastructure for secure communication between on-chain smart contracts and off-chain real-world data [2]. - The report emphasizes that LINK is the largest non-Layer-1 token by market cap, showcasing its broad exposure across the crypto economy and its expanding institutional partnerships [3]. - Bloomberg ETF analyst Eric Balchunas has indicated that a Chainlink ETF, likely Grayscale's GLINK, is in development and could launch as early as next week, with a potential debut by December 2 [5][6]. Group 2: Institutional Interest - Grayscale's analysis suggests strong institutional conviction in Chainlink, indicating that the firm may be positioning LINK for its next ETF product [4]. - The Depository Trust & Clearing Corporation (DTCC) has listed the Bitwise Chainlink ETF Beneficial Interest, suggesting another LINK ETF is poised for approval [7]. - Bitwise has a successful track record in launching ETFs, which increases the likelihood of a near-term launch for a Chainlink ETF [8]. Group 3: Price Analysis - Currently, LINK is trading at $12.81, facing resistance at $12.94 while remaining in a month-long downtrend. The technical structure indicates hesitation, but demand driven by ETF developments could quickly shift momentum [9].