Grayscale’s Chainlink ETF (GLNK) began trading on NYSE Arca, converting a 2020 trust into a spot ETF and carrying a 2.500% expense ratio. The listing coincided with a sharp market reaction as LINK fell about 7%, trading in the $12–$13 range after analysts had forecast higher targets.
GLNK is the converted form of Grayscale’s Chainlink Trust, originally launched in 2020 with roughly $30 million in assets under management, and the fund began official trading on 2 de dic. de 2025. The ETF gives regulated, exchange-traded exposure to Chainlink’s native token and may include staking features, according to the issuer’s disclosures. LINK’s immediate price move was lower by roughly 7%, settling near $12–$13, a reaction that undercut pre-launch price targets of $13,94, $14,87, $15, $17,97 and $20 voiced by various analysts.
A decentralized oracle network supplies external, verifiable data to smart contracts on blockchains. “Sell the news” is a market pattern where prices fall after a widely anticipated event is realized, as traders lock gains or reassess positioning.
Market reaction to the Chainlink ETF and product details
The GLNK launch is part of a broader product push by Grayscale into altcoin ETFs. The firm placed Dogecoin and XRP trust ETFs on NYSE Arca on 24 de nov. de 2025 and is pursuing conversions or launches for other trusts, including filings for a Zcash spot ETF and a Solana trust that could offer staking. Competitors are active: Bitwise has signaled progress toward its own Chainlink ETF via DTCC registry movement, while Franklin Templeton already secured approval for an XRP ETF (XRPZ).
The wave of altcoin ETPs reflects a structural shift toward institutional access beyond Bitcoin, and each entrant alters the supply-demand and custody dynamics for underlying tokens, shaping near-term trading flows.
Implication for traders and managers: the first days of GLNK trading create a liquidity footprint to monitor — early flows, exchange balances, and whether the ETF redeems or accumulates LINK will inform whether the initial drop is temporary positioning or a re-pricing of demand for token exposure inside an ETP wrapper.
The GLNK listing formalizes a new on-ramp for institutional and retail exposure to Chainlink but produced a price drop that underscores short-term uncertainty around demand and positioning.
