Recent trends in the cryptocurrency market indicate a notable increase in the accumulation of Chainlink (LINK) through spot exchange-traded funds (ETFs). The report highlights positive developments indicating that this development underscores a rising institutional interest in LINK, even as the broader market struggles to gain momentum.
Institutional Demand for LINK ETFs
Spot LINK ETFs have successfully captured over 1% of Chainlink's total circulating supply, reflecting strong demand from institutional investors. Major players like Grayscale and Bitwise are leading this accumulation, demonstrating their confidence in LINK's long-term prospects.
Persistent Buying Interest
Since their inception, these ETFs have not experienced any weekly outflows, indicating a persistent buying interest that could lay a solid groundwork for future demand for LINK. Despite the current softness in LINK's price, this ongoing accumulation by institutional investors may suggest a bullish outlook for the cryptocurrency in the months ahead.
In light of the recent trends in Chainlink accumulation, it's important to note the mixed performance of Virtune's ETPs as reported earlier. For more details, see the full article on the ETP performance.
