Bitwise Files to Launch a Spot Chainlink ETF, LINK Bounces 5%

Digital asset manager Bitwise is preparing to launch a spot-based exchange traded fund (ETF) focused on holding the native token of Chainlink (LINK), a first in the ￰0￱ to the S-1 registration statement filed with the ￰1￱ and Exchange Commission on Tuesday, the Bitwise Chainlink ETF aims to provide investors with direct exposure to LINK and named Coinbase Custody as the proposed custodian for the ￰2￱ filing fits into a broader trend of asset managers seeking to launch altcoin-focused spot ETFs in the ￰3￱ regulatory headwinds receded under the Trump administration, following the success of bitcoin (BTC) and ether (ETH) ￰4￱ bounced 5% from the overnight lows on the news, but was still down 1.6% over the past 24 hours, per CoinDesk ￰5￱ the rebound, CoinDesk Research's technical analysis model suggested sustained bearish pressure for LINK as the crypto market is going through a consolidation ￰6￱ encountered substantial downward pressure over the past 24 hours, falling from a session peak of $24.81 to a low of $22.90.

A notable recovery effort surfaced during 10:00-11:00 UTC, coinciding with the ETF filing, as the price rallied from $23.02 to $23.54 on heightened volume of 3.35 million units, indicating possible consolidation above the crucial $23.00 psychological ￰7￱ model suggested that reclaiming the $24.00 level is key to halting the bearish momentum, while the recent rebound implies oversold conditions may be attracting value-seeking ￰8￱ indicators point to downward momentum Price declined 4.67% from $24.61 to $23.46 during the last 24-hours from Aug. 25 12:00 to Aug. 26 11:00 ￰9￱ range of $1.84 between a maximum of $24.81 and a minimum of $22.90. Volume surged to 6.58 million units, significantly above 24-hour average of 2.29 ￰10￱ resistance established around $24.30 with support near $23.00.

Failure to reclaim $24.00 indicates continued bearish ￰11￱ below $23.40 support level suggests further downside risk toward $23.00. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our ￰12￱ more information, see CoinDesk's full AI Policy .