Chainlink’s UBS Tokenization Win Collides With Weak CCIP and Broken Support

Chainlink moved through a busy week as new institutional pilots, weakening chart structures and softer cross-chain activity all converged at once. Now the network’s role in tokenized finance, its long-term support line and its CCIP usage trends are shaping the latest narrative around the project.

Chainlink, UBS Join DigiFT Pilot for Tokenized Fund Operations in Hong Kong

Chainlink and UBS appear in a new DigiFT white paper that describes what it calls the first live, in-production tokenized fund workflow using Chainlink’s Digital Transfer Agent (DTA) technical standard and Chainlink Runtime Environment (CRE). The pilot runs within Hong Kong’s digital asset framework and focuses on automating core fund processes onchain.

Chainlink Tokenized Fund Operations. Source: X

The project sits under Hong Kong Cyberport’s digital asset program, the city’s main digital-tech hub and accelerator. In this setup, Chainlink infrastructure executes and automates onchain fund subscription and redemption, while CRE runs DTA smart contracts that handle transaction recordkeeping.

At the same time, the DTA standard built on CRE provides a framework for transfer agents and fund administrators who want to move more of their operations onchain while keeping existing regulatory requirements in place. It is designed to support tokenized assets at scale without changing the underlying rules they must follow.

Together, UBS, DigiFT and Chainlink run the in-production system as a standards-based solution for tokenized fund operations in a regulated environment. The pilot shows how onchain finance can function inside Hong Kong’s current digital asset rules rather than outside them.

Chainlink Tests a Long-Term Support Line as Selling Pressure Builds

Chainlink is approaching a key trendline that has guided its structure since July 2023. The chart shared by analyst Ali shows LINK sliding toward this support after several months of lower highs and repeated rebounds along the same rising line. Each earlier touch produced a recovery, but the latest move brings LINK closer to a decisive break.

Chainlink Long-Term Trendline Test. Source: Ali Charts

As the chart shows, LINK has traded inside a broad two-year structure with clear reactions each time price met the trendline. Now the token is dipping under the line’s lower edge, signaling that buyers may no longer defend the level with the same strength. If LINK fails to reclaim the trendline soon, the pattern suggests momentum could shift toward deeper support zones.

At the same time, the test comes after weeks of broader weakness across large-cap tokens. That context adds weight to the chart because it indicates the move is not isolated. A firm close below the trendline would mark the first clear violation of this structure since it formed, while a quick rebound above it would signal that buyers are still active.

Chainlink CCIP Activity Slips as Weekly Volumes Pull Back

Meanwhile, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) posted a clear slowdown in activity for the week of November 10–16. Data shared by analyst Tomb shows total value transferred falling to $292.75 million, a 39.4 percent drop from the previous week.

Chainlink CCIP Weekly Activity. Source: CCIP Analytics

At the same time, CCIP handled 6,653 transactions, marking an 11.6 percent decline in message volume. Network fees also moved lower, coming in at $4,930, a 43.8 percent decrease. The top-sent token during the period was syrupUSDC, which accounted for about $48.07 million, or 16.4 percent of weekly transfers.

As the chart indicates, weekly transferred value has trended unevenly since early August, with sharp increases followed by retracements. The latest drop places CCIP activity back near levels seen in late September, signaling softer cross-chain usage heading into the second half of November.