Chainlink’s LINK fell about 11% to $11,94, capping a near 30% decline across November and overshadowing imminent spot ETF listings. The sharp drop reflected a decisive technical breakdown that outweighed the market’s anticipation of institutional access through planned ETF conversions and registrations.
LINK breached key support bands at $13 and $12 on heavy trading volume, a move confirmed by sellers and consistent with the token trading below its major moving averages. Moving averages are trend indicators that smooth price data over a set period to show direction. The intraday decline included a roughly 7% fall to $11,94 as part of the broader 11% slide. A prior positive impulse — a 5% rebound after a Bitwise S‑1 filing in August 2025 — had faded under sustained selling pressure.
On-chain metrics offered a mixed signal: exchange reserves for LINK fell to multi‑year lows, typically interpreted as reduced immediate selling availability. Exchange reserves are the quantity of tokens held on trading platforms and can indicate potential selling supply. In this episode, the lower reserves failed to halt the downtrend, suggesting that either large off‑exchange selling or a lack of fresh buying overwhelmed the supply contraction.
ETF pipeline and why it did not stem the selloff
The technical weakness unfolded amid wider crypto and macro headwinds. Bitcoin undercut the $90.000 threshold while spot Bitcoin ETF flows recorded four consecutive sessions of outflows, pointing to diminished institutional bid. Broader risk aversion was reinforced by global developments including Japan’s interest‑rate moves and persistent regulatory pressure from China.
The recent launch traction for other altcoin ETFs did not spare tokens from volatility: XRP debuted with $58 million in ETF volume and then fell 11% after roughly 200 million XRP were sold by large holders within 48 hours, highlighting how concentrated selling can negate positive distribution events.
Institutional flows that typically support higher valuations were imminent but insufficient. Grayscale planned to convert its existing Chainlink trust into a U.S. spot Chainlink ETF (GLNK) with a likely listing around 2 de dic. de 2025, while Bitwise’s spot Chainlink ETF (CLNK) appeared on the DTCC registry in November 2025 after its S‑1 filing. Despite these structural milestones, the market prioritized short‑term technical cues and liquidity conditions over prospective institutional demand.
The episode illustrates that ETF listings and institutional frameworks are necessary for long‑term adoption but do not guarantee short‑term price support when technical levels and liquidity dynamics are weak.
