Despite the overall downturn in the cryptocurrency market, Grayscale's launch of the first U.S. Chainlink spot exchange-traded fund (ETF) attracted strong interest on its first trading day, indicating that investors remain enthusiastic about regulated altcoin products.
Bloomberg's senior ETF analyst Eric Balchunas noted in a post on the X platform on Wednesday that Grayscale's Chainlink (LINK) ETF saw a cumulative net inflow of $41 million on its first day, achieving a "solid" trading volume of $13 million. "First-day inflow of $41 million. Another instant hit product in the crypto world, with the only underperformer so far being the Dogecoin ETF, but it's still early to say."
This debut further confirms that institutional and professional investors are waiting off-exchange for more regulated avenues to gain exposure to altcoins that can be integrated into corporate or fund investment strategies.
In contrast, data from Farside Investors shows that the Solana (SOL) ETF had a first-day trading volume of only $8.2 million.
According to SosoValue data, the spot XRP ETF continues to lead this year's altcoin ETF debut rankings, with first-day inflows reaching $243 million.
ETF analyst James Seyffart wrote in a post on X on Wednesday that while the Chainlink ETF's debut cannot be called a "blockbuster success," the fund has accumulated total assets worth $64 million, including $18 million in initial seed funding. He noted, "Chainlink has proven that long-tail assets can also succeed in ETF packaging."
In finance, long-tail assets refer to lesser-known and less liquid assets, often associated with higher risk and return potential.
Cointelegraph data shows that despite the LINK token price rising by 9.8% over the past week, the ETF's debut failed to reverse the token's 39% decline over the past year.
LINK is the native utility token of the Chainlink network, used to reward verification node operators and pay for the protocol's oracle data feed services.
Chainlink provides reliable real-world data feeds for decentralized applications and asset tokenization protocols, ensuring the security and accuracy of smart contract execution.
Chainlink's decentralized oracles and cross-chain interoperability services are the infrastructure for developers to build more complex decentralized finance (DeFi) projects.
Related: U.S. SEC Issues Warning Letter to ETF Issuers Over Excessive Leverage
Original: “Grayscale Chainlink ETF Attracts $41 Million on First Day, But Fails to Become a 'Blockbuster'”
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