Bitwise Asset Management has officially submitted a filing for an ETF for the Chainlink (LINK) token, which may significantly impact the price and market perception of this asset.
Significance of the Bitwise ETF for Chainlink
Bitwise's application for a Chainlink ETF has been submitted to the SEC and will allow U.S. investors to gain direct access to LINK's price without needing to manage crypto wallets or exchanges. The product's structure includes using Coinbase Custody as the custodian and Coinbase, Inc. as the execution agent, with no staking involvement. This avoidance of staking can simplify regulatory acceptance and increase approval chances.
Current LINK Price and Prediction
Currently, LINK is priced around $23.68 following a recent pullback. This comes after a multi-week rally when it broke above the $20 resistance level. Indicators suggest that LINK maintains a bullish structure, although it's essential to hold above $21 to sustain a positive trend.
Growth Prospects for LINK to $100
Reaching $100 for LINK would require a 325% increase from current levels. While such growth appears ambitious, it's not impossible, especially with institutional demand. If the ETF gains traction, significant capital inflows could lead to price increases for LINK. However, achieving this target necessitates reclaiming $30 and then $40.
The Bitwise ETF application for Chainlink could mark an important milestone for the token, enhancing its market sentiment and opening doors for significant institutional investments.
