Grayscale’s GLNK ETP Raises $42M on Debut as LINK Volume and Price Jump
Grayscale launched its Chainlink exchange-traded product (ETP) GLNK on NYSE Arca and drew about $42 million of inflows on its first trading day, lifting assets under management to roughly $64 million. Early sessions showed roughly $13 million in GLNK intraday trading volume, tight bid-ask spreads and solid liquidity. The debut coincided with heightened activity in Chainlink’s native token: LINK’s spot price rose more than 6% and trading volume across exchanges jumped about 180%. Analysts noted the strong opening as evidence that regulated ETP wrappers can attract both institutional and retail capital to longer-tail crypto assets. The reports also flagged a Bitwise Chainlink product (CLNK) registered administratively at DTCC, which—pending exchange listings and approvals—could broaden regulated access and distribution. Key trading takeaways: $42M day-one inflows, ~ $64M AUM post-debut, ~ $13M early GLNK volume, LINK price +~6%, LINK exchange volume +~180%; tight spreads imply manageable slippage for ETP trades; potential future listings (e.g., CLNK) may add distribution and liquidity over time.
Bullish
The news is likely bullish for LINK. Day-one inflows of ~$42M into Grayscale’s GLNK and tight early trading spreads indicate real demand for regulated LINK exposure, which supports upward price pressure and reduces friction for larger traders. The concurrent ~180% rise in exchange volume and a >6% price jump show immediate market interest and improved liquidity—conditions that typically favor positive short-term performance. Over the medium-to-long term, the appearance of regulated ETP wrappers (GLNK and a prospective Bitwise CLNK) can attract additional institutional and retail capital, broaden distribution channels, and deepen liquidity, all of which are constructive for price discovery and stability. Risks remain—broader market downturns, ETP redemptions, or regulatory setbacks could reverse gains—but on balance the launch and inflows represent a positive demand signal specifically for LINK.