Bitwise has filed with the U.S. Securities and Exchange Commission to obtain approval for a Chainlink ETF that will provide direct exposure to the LINK token.
Goals of Bitwise ETF
Bitwise aims to create an ETF that will track the CME CF Chainlink-Dollar Reference Rate, giving investors daily access to the market value of LINK. The ETF will hold LINK tokens directly, with custody managed by Coinbase Custody Trust Company.
Competition in Crypto ETF Market
If approved, the Bitwise ETF will become part of a growing group of funds focused on Chainlink. For instance, Tuttle Capital Management filed earlier this year for 10 leveraged ETFs, including one for Chainlink.
Overall State of the LINK Market
The price of LINK has dipped about 5% in the past 24 hours after recently rising to $28. However, analysts note that the higher-low pattern remains intact, which may present a good buying opportunity during this pullback.
Bitwise's filing to launch a Chainlink ETF underscores the growing interest in crypto funds and their potential impact on the market.
