• The DTCC puts Bitwise’s spot Chainlink ETF (CLNK) in the “active and pre-launch” category, which could mean approval soon.
• The saga of the first Chainlink ETF filing by Bitwise continues with Grayscale’s staking proposal as the latter comes along.
• Although LINK is currently trading at $15.36, experts believe that the ETF listing will be a milestone in Chainlink’s integration with the market in the long run.

The Depository Trust and Clearing Corporation (DTCC) has categorized Bitwise’s spot Chainlink exchange-traded fund (ETF) in its “active and pre-launch” section. The DTCC, which is a key player in the U.S. post-trade clearance and settlement services, usually does not list crypto-based ETFs prior to important regulatory advancements.

The U.S. Securities and Exchange Commission (SEC) holds the ultimate power to approve or disapprove of the listing; nonetheless, the proceedings have already been taken by the investors and analysts, as this is a signal strong enough that the ETF is almost ready to join the market.

Bitwise was the first to file an S-1 statement for the Chainlink ETF in August, thus becoming the first to suggest a fund that is directly attached to the decentralized oracle network. Grayscale applied for its version in September, which allows for the staking of a part of the LINK tokens and is still different from Bitwise’s non-staking model that emphasizes clear asset management. Bitwise has already finished the non-staking model that is centered on their transparent asset management.

Also Read: Bitwise Chainlink ETF Filing Fuels Bullish Outlook as LINK Eyes $47

Chainlink ETF Signals a Broader Altcoin ETF Era

Chainlink’s decentralized oracle setup connects different blockchains with outside world data, thus granting smart contracts reliable, authenticated information of various types, for instance, price feeds and event data. The LINK token, which is native to the network, energizes this environment by paying the node operators and making the system secure via staking.

The thrill around LINK didn’t last long, and its price went down by 6.55% to around $15.36. Observers of the market indicate that the decrease was a result of the general crypto market correction and not the negative sentiment regarding Chainlink’s fundamentals. There are a lot of people who think that the Bitwise listing on DTCC will eventually increase LINK’s credibility among institutional investors.

Chainlink ETF Listing Marks a Key Milestone

The arrival of the Chainlink ETF is in the context of the larger competition for spot crypto ETFs. After the successful introductions of the Bitcoin and Ethereum ETFs, the new issuers are looking to develop new areas. Meanwhile, the three recently launched ETFs include those of Litecoin, Solana, and Hedera. The spotlight now shifts to XRP, as Canary Capital’s 8-A filing indicates that the launch could happen in just a few days.

Eric Balchunas from Bloomberg indicated that the “XRP ETF debut is happening with all the prerequisites satisfied,” which sheds light on the market’s movement. The DTCC has already included five spot XRP ETFs from leading issuers in its pre-launch category.

With the altcoin market getting traction from the ETF wave, the Chainlink ETF is an audacious move that aims at getting mainstream acknowledgment for blockchain’s data infrastructure, and it is a wager that the next phase of crypto users’ adoption will be based on real-world connectivity.

Also Read: Chainlink (LINK) Price Surges as Grayscale Files LINK ETF with SEC