LINK Price Jumps 20% as First Chainlink ETF Goes Live

LINK LINK $14.37 24h volatility: 17.4% Market cap: $10.00 B Vol. 24h: $1.25 B , the native cryptocurrency of the Chainlink blockchain, is showing major strength with 20% upside amid the broader crypto market rally on Dec. 3. This rally comes as the first-ever Chainlink ETF from asset manager Grayscale went live. The overall market sentiment has turned bullish around this altcoin amid recent developments.

LINK Price Surge Leads Crypto Market Rally

After facing strong selling through November, the LINK price saw a major recovery with 20% gains in the last 24 hours, and is currently trading at $14.38. Also, the daily trading volumes for LINK have surged by 84% to $1.12 billion.

According to the CoinGlass data, the LINK futures open interest has also surged 24% to more than $630 million, highlighting strong bullish sentiment.

Crypto market analyst World of Charts reported that Chainlink (LINK) has held a critical support zone and is now breaking out of a consolidation phase. The analyst said the technical structure points to a potential move toward the $20 level in the coming day.

The LINK price is already trading at a 50% discount from its January 2025 highs of $30. However, throughout this year, Chainlink as a blockchain has become fundamentally stronger and has seen strong whale accumulation in recent times. Moreover, the demand could surge further with the first ETF going live in the US.

Grayscale Chainlink ETF Goes Live on NYSE

On Dec. 2, the Grayscale Chainlink ETF (GLNK) went live for trading on the New York Stock Exchange (NYSE), becoming the first US spot product offering direct access to LINK.

The firm’s decision to convert its existing Chainlink Trust into the publicly traded GLNK ETF marks a major shift in institutional access to the asset. Moreover, the GLNK ETF saw 1.17 million shares traded on its opening day, nearly 28 times its average daily volume as a private trust.

GLNK closed its first session with roughly $14 million in trading volume. While modest in absolute terms, the figure is significant given that Coinbase’s daily LINK volume typically ranges between $30 million and $40 million. This shows that the ETF captured nearly half of the trading activity on the first day of going live.

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