Chainlink Surges Over 20% as Grayscale's LINK ETF Debut Ignites Institutional Demand

The launch of the first U.S. exchange-traded fund (ETF) focused on Chainlink (LINK) has triggered a powerful market rally and renewed institutional interest in the cryptocurrency. On December 2, Grayscale converted its private Chainlink trust into the publicly traded Grayscale Chainlink Trust (GLNK), listed on NYSE Arca. The ETF launched with zero fees and saw explosive first-day trading activity, with over 1.17 million shares traded—far above historical averages—generating a trading volume of roughly $13.8 million. Early inflows were reported near $43 million, reflecting strong initial demand.

The product provides traditional investors with regulated exposure to LINK without the need for direct token custody, accessible through major platforms like Fidelity and Robinhood. Grayscale currently holds approximately 1.3 million LINK tokens within the ETF. This development has been a primary catalyst for LINK's price, which surged more than 20% in 24 hours to trade around $14.4, with market capitalization reaching $9.44 billion and 24-hour volume surpassing $873 million.

Technical and derivatives data further underscore the bullish shift. LINK futures open interest climbed more than 20%, with funding rates turning positive as traders added long positions. On-chain, aggregated open interest rose steadily from 220 million to 267.6 million, indicating fresh capital inflows rather than short covering. Technically, LINK is breaking out of a rare four-year descending wedge pattern after successfully defending the $12–$13 support zone. Key momentum indicators like the daily RSI (around 53) and MACD are turning positive, with the Chaikin Money Flow (CMF) also showing sharp improvement.

Analysts are now watching key levels for confirmation of a sustained trend shift. Holding above the $14–$15 support band is seen as crucial for a potential move toward the $18–$20 resistance range. Prominent analyst Ali Martinez noted that LINK is sitting on a critical long-term support trendline, which could act as a foundation for moves toward $26 and potentially $47 if the current momentum continues.