LINK Surges 7% as Grayscale’s Chainlink ETF Sees $37M in First-Day Inflow

Core Insights - Chainlink's native token LINK experienced a 7% rally over 24 hours, outperforming the broader crypto market due to the launch of the first U.S.-listed spot Chainlink ETF [1][2]. Group 1: ETF Launch and Market Impact - The Grayscale Chainlink Trust ETF (GLNK) converted from a closed-end fund and traded on NYSE Arca, achieved $37 million in net inflows on its first day [2]. - The ETF launch signifies a milestone for institutional adoption of Chainlink, allowing traditional investors to gain direct exposure to LINK through brokerage accounts [2]. Group 2: Trading Activity and Performance - Trading volume for LINK surged by 183% above the 24-hour average, with a peak of 6.71 million tokens traded at 14:00 UTC, briefly reaching $14.63 before a pullback [3]. - Despite the pullback, LINK maintained an ascending trendline from a base of $13.35, logging consecutive higher lows and sustaining a bullish structure throughout the day [3]. Group 3: Comparative Performance - LINK outperformed most top-20 cryptocurrencies, driven by the ETF catalyst and a broader market rotation into tokens with clear utility narratives [4]. - The CoinDesk 5 Index rose by 3.3% on the same day, with LINK's gains exceeding this benchmark by over 4 percentage points [4]. Group 4: Technical Analysis - Key technical levels indicate support at $14.28 with psychological backing at $14.40, and resistance at $14.63 [7]. - A 183% volume surge at session highs suggests institutional participation and resistance testing [7]. - Consolidation between $14.395 and $14.445 could serve as a launchpad for a renewed breakout, with a near-term target at $14.63 if buyers maintain above $14.28 [7].