- Bitwise Chainlink ETF (CLNK) has appeared on the DTCC’s eligibility list, a procedure step in preparing securities for clearing and settlement ahead of the official launch.
- Chainlink price witnessed renewed selling pressure at $16.5 amid the recent breakdown from the head and shoulders pattern.
- DTCC’s listing does not confirm SEC’s approval but only the backend readiness for future trading operations..
LINK, the native cryptocurrency of the decentralized Oracle Network Chainlink, slipped over 6.6% during Tuesday’s U.S. Market hours to trade at $15.33. While the downtick aligns with a broader market pullback, Chainlink price faces additional bearish momentum amid renewed selling pressure from whales. However, the Bitwise Chainlink ETF recently added to the DTCC list could spark speculative activity and bolster the LINK price.
Bitwise Chainlink ETF Added to DTCC List
In the first two weeks of November, the Chainlink price showed notable resilience above the $14 support. The daily chart showed multiple lower price rejections, especially during the recently concluded Smartcon, which revealed multiple partnerships and protocol upgrades in the Chainlink ecosystem.
LINK price gains additional momentum as speculation swirls regarding the ETP launch of the listed asset. Data from DTCC shows the Bitwise Chainlink ETF, which is set to trade under the ticker symbol CLNK, has been added to the depository’s eligibility list—a procedural step ahead of any official approval.
The listing indicates that Bitwise Asset Management has done groundwork on the operational aspects of the product with the National Securities Clearing Corporation (NSCC), which ensures that the product can be electronically cleared and settled once authorized. However, such inclusion does not mean that the U.S. Securities and Exchange Commission (SEC) has approved the product or that trading is imminent to start.
Bitwise first filed its registration statement with the SEC in late August 2025, with its plan to build the first U.S. spot Chainlink ETF. The proposed fund would offer its investors a regulated exposure to the price of LINK by holding the cryptocurrency itself.
Recent weeks have seen multiple asset managers, such as Grayscale and Tuttle Capital, submit similar filings, which signal mounting competition among the firms looking to launch products based on Chainlink’s decentralized oracle network.
The development comes at the expected end of the U.S. federal government shutdown, which could restart the SEC’s review of pending digital asset ETFs. Market participants consider the DTCC’s move to be an early operational step that could help smooth out eventual trading logistics if the SEC issues approval in the coming months.
LINK Price Faces Prolonged Correction Amid Head and Shoulders Breakdown
With an intraday loss of 6.6%, the Chainlink price shows a sharp reversal from the $16.75 level in the daily chart. While this downtick follows a broader market pullback, a deeper look at the technical chart shows LINK price sustaining this lower value after a recent breakdown from a head and shoulders pattern.
On November 3rd, the LINK price gave a decisive breakout from the pattern’s neckline support of $16, which is now flipped to a reliable resistance. If the bearish momentum persists, the token price could plunge another 20% to test the next significant support trendline at $12.16.
However, if the coin price manages to reclaim the $16.50 floor, the prior breakdown would be marked as a bear trap and drive price recovery. The potential breakout could bolster buyers to strengthen their grip over this asset for renewed recovery.
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