Bitwise Spot Chainlink ETF Listed On DTCC Registry, Signaling Imminent Launch
Bitwise’s spot Chainlink ETF (exchange-traded fund) has appeared on the Depository Trust and Clearing Corporation’s (DTCC) registry, which suggests an imminent launch.
The Bitwise Chainlink ETF was added to the DTCC’s “active” and “pre-launch” categories under the ticker symbol “CLNK.”
While such listings don’t guarantee that the US Securities and Exchange Commission (SEC) will approve the ETFs, they have historically been a good indicator that the products will get the greenlight for launch.
Bitwise Still Has To File A Form 8-A For Its Chainlink ETF
Bitwise filed a Form S-1 statement for the Chainlink ETF in August to register the product with the SEC. The product aims to track the price of LINK, which is the native token of the oracle company Chainlink.
Although the product has appeared on DTCC’s registry, Bitwise still needs to file a Form 8-A for the ETF. This is one of the final documents that must be lodged before securities are offered on an exchange, and often signals that a product’s launch is imminent.
Bitwise is not the only asset manager looking to launch a LINK-focused product. Grayscale also has an application in the works. However, its application could face more regulatory challenges than Bitwise’s because it wants to incorporate staking.
LINK Trades Flat After Listing, Attempts To Overcome Resistance
The news of the Chainlink ETF listing had a negligible effect on the price of LINK. In the past 24 hours, the altcoin has slid by a fraction of a percent to trade at $16.05 as of 8:06 a.m. EST, data from CoinMarketCap shows.
Daily chart for LINK/USD (Source: GeckoTerminal)
From a technical standpoint, LINK is attempting to overcome a resistance level at $16.35. Clearing this barrier could result in a rise to the next major mark at $20.50.
Bulls appear to be gaining strength, with the Moving Average Convergence Divergence (MACD) line recently crossing above the MACD Signal line. This is a classic indication that momentum has shifted from bearish to bullish.
Meanwhile, the Relative Strength Index (RSI) has started to climb in the past 48 hours. Traders usually see an uptick in the RSI’s value as an indication that buyers are growing stronger.
Other Crypto ETFs Could Get Approved Under New Generic Listing Rules
While traders wait to see if LINK will rally on the potential launch of Bitwise’s spot Chainlink ETF, analysts have predicted that more crypto ETFs could be approved by the SEC under the agency’s new generic listing standards.
Those standards enable the approval of crypto investment products without requiring them to be reviewed on a case-by-case basis.
A potential flood of ETF approvals was also predicted to ignite the next altcoin season. But the US government shutdown, which is in its 42nd day, delayed the approval of ETF filings that were made before the generic listing standards could be put to use.
The House will vote today on legislation that is expected to end the longest government shutdown in history.
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