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Bitwise Proposes First Spot Chainlink ETF Approval

Key Points:

  • Bitwise files for the first spot Chainlink ETF.
  • LINK price rebounds over 5% intraday.
  • No official commentary from Chainlink leaders.

Bitwise’s proposal is a pivotal move, underscored by Chainlink’s rebound, marking institutional interest in crypto ETFs.

Proposal for the Chainlink ETF

Bitwise Asset Management, a leader in crypto investment, has filed for the first spot Chainlink ETF with the U.S. Securities and Exchange Commission (SEC). This strategic application aims to offer regulated exposure to Chainlink (LINK), tracking its value directly.

The proposal highlights Bitwise’s intent to enable market access through traditional platforms, with Coinbase Custody planned as the custodian. Chainlink experienced a 5% price increase upon the news of the filing, reflecting significant market attention.

“We believe the Chainlink ETF can transform access for investors seeking exposure to decentralized oracles in regulated markets.” — Hunter Horsley, CEO, Bitwise Asset Management

The filing reflects potential institutional inflows and aims to broaden crypto inclusion. Previous ETF approvals for Bitcoin and Ethereum have shown regulatory willingness, setting a pattern for altcoins.

Despite lacking statements from core leaders, the project garners community support. The broader market impact could include increased legitimacy and inflows into altcoins if the SEC approves the Chainlink ETF.

The industry anticipates regulatory scrutiny and potential market adjustments if approved. Historical trends suggest increased adoption and volatility following ETF launches for leading cryptocurrencies.

Disclaimer:

The content on nftenex.com is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.

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