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The Chainlink price has dropped 7% in the last 24 hours to trade at $12.17 as of 3.40 a.m. EST on a 122% increase in daily trading volume to $609 million.
This comes even as Grayscale secures approval to list the first US Chainlink ETF (exchange-traded fund) on NYSE Arca this week.
🔥 UPDATE: Grayscale Chainlink ETF set to launch this week as first spot $LINK ETF, per ETF analyst Nate Geraci.
Grayscale will convert its Chainlink private trust to ETF format following SEC filing approval. pic.twitter.com/GSt86B4SWO
— Cointelegraph (@Cointelegraph) December 1, 2025
US regulators have given the green light for Grayscale to convert its $30 million Chainlink Trust into an ETF that will list on NYSE Arca under the ticker GLNK. The structure is designed to give traditional investors exposure to LINK without holding the token directly.
🔥 According to @NateGeraci , this week the market may see Grayscale launch its own Chainlink ETF, the first Spot ETF for $LINK .
The firm aims to convert its private trust into an ETF. pic.twitter.com/retps09xWr— ALLINCRYPTO (@RealAllinCrypto) December 1, 2025
The ETF may also include staking for part of its holdings, allowing the fund to earn rewards while using a cash‑based creation and redemption model similar to other crypto ETFs.
This approval comes after months of filings and signals a growing willingness from regulators to accommodate altcoin ETFs beyond Bitcoin and Ethereum.
Even so, traders appear to be “selling the news” as LINK slides today, suggesting that expectations for the ETF were already priced in and short‑term speculators are locking in profits.
If the Chainlink ETF attracts meaningful inflows after launch, it could improve liquidity and deepen market depth for the Chainlink price over the coming months.
Chainlink On‑Chain Signals
On‑chain data in Q4 2025 shows that Chainlink network usage has been trending higher, even as price has turned lower in recent weeks. Analytics providers report around 2,298 new addresses and roughly 10,000 active addresses at recent highs. Levels not seen since early 2025 indicate that user adoption is still expanding.
Chainlink Active Addresses Source: CryptoQuant
Exchange reserves of LINK have dropped to about 158 million tokens, their lowest point since mid‑2022. This usually means fewer coins are immediately available to sell on the open market. This decline in liquid supply aligns with the Chainlink Reserve Program, which converts protocol revenue into LINK and removes roughly 0.35% of the total supply each year, acting a bit like a stock buyback program that slowly increases scarcity.
Large financial players such as UBS and regional banks in Turkey are testing or integrating Chainlink standards for tokenised securities, reinforcing the view that Chainlink’s oracle and messaging tools could sit at the centre of the next wave of tokenisation.
Chainlink Price Continues Downturn Trend In Falling Channel
The Chainlink price has broken down from a rounded‑top pattern after failing to hold above the mid‑$20 region earlier this year. The coin has been falling inside within a descending channel, with lower highs and lower lows since the last peak.
It now sits just above a horizontal support zone around $11–$12 that previously acted as a strong floor in 2024.
The 50‑week simple moving average is now falling near $17.5, while the 200‑week simple moving average hovers close to $12.6. LINK is trading slightly below or around this long‑term trend line. Showing that bulls are fighting to defend a major support cluster.
LINKUSD Analysis Source: Tradingview
There have been several bounces indicating that many long‑term holders view the current area as a value zone, but a clean weekly close below it would signal a deeper bearish phase.
Momentum indicators lean cautious rather than outright oversold. The weekly RSI is sitting in the high‑30s, which indicates weak bullish strength but also leaves room for a relief rebound if fresh buyers step in.
The MACD has crossed below the signal line and remains in negative territory, confirming that sellers still control the trend, while the ADX around 30 points to a fairly strong downtrend that has not yet exhausted itself.
Chainlink Eyes Crucial $11–$12 Support
In the short term, if the Chainlink price loses support at $11–$12, the next downside target could be the lower horizontal area near $8–$9, where the last major accumulation zone formed before the previous rally.
However, if the $11–$12 band holds LINK could attempt a recovery back toward initial resistance around the $17–$18 region.
Close to the falling 50‑week SMA and the upper boundary of the recent channel. A weekly close above that level would be the first sign that the downtrend is ending. Potentially opening a path toward $22.
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