Friday’s $20B Crypto Market Meltdown: A Bitwise Portfolio Manager’s Postmortem Analysis

The recent US government shutdown has significantly impacted the cryptocurrency market, causing a decline of $408 billion. This downturn is characterized by intense selling pressure and increased investor fear, leading to Bitcoin and Ethereum losing crucial support levels and entering a corrective phase. The situation highlights the vulnerability of the crypto market to macroeconomic uncertainties.

Bitwise has made significant progress towards launching the first-ever Chainlink exchange-traded fund (ETF) after its proposal was added to the Depository Trust & Clearing Corporation (DTCC) registry under the ticker CLNK. This listing is marked as both active and pre-launch, indicating that preparations for the ETF are underway. The development is noteworthy as it represents a growing interest in cryptocurrency investment products and could pave the way for more institutional adoption of digital assets.

Bitwise's Matt Hougan predicts that 2026 will be a significant bull year for cryptocurrency, following a lackluster performance in the crypto markets towards the end of 2025. This forecast is crucial as it suggests potential recovery and growth in the sector, which has been struggling recently.

Chainlink's LINK token dropped 4% to $16.25 as it faced selling pressure amid a broader decline in the cryptocurrency market. The anticipated positive impact of ETF news failed to materialize, highlighting ongoing challenges for the token.

On November 12, 2025, the cryptocurrency market experienced a significant surge, increasing by $65 billion within three hours, largely driven by Bitcoin, which alone gained over $30 billion. This surge underscores Bitcoin's crucial role in the dynamics of the crypto market, indicating a potential for sustained growth and heightened interest from institutional investors. Such developments are essential as they reflect the evolving landscape of cryptocurrency and its increasing acceptance in the financial sector.

Bitwise's proposed Chainlink ETF has made its debut on the DTCC website, marking a significant step towards its potential launch. This development comes as the price of LINK has slipped by 5%, highlighting the volatility in the cryptocurrency market. The ETF's introduction could provide investors with a new avenue to engage with Chainlink's technology and its associated market dynamics.

Bitwise's spot Chainlink ETF has been listed on the Depository Trust and Clearing Corporation's registry, indicating a potential launch in the near future. This development is significant as it reflects growing institutional interest in cryptocurrency investments, particularly in Chainlink, which is known for its decentralized oracle network. The appearance of the ETF on the DTCC site suggests that regulatory processes may be advancing, paving the way for broader acceptance and integration of cryptocurrency assets in traditional financial markets.

The Bitwise Chainlink ETF has been officially listed on the DTCC website under the ticker CLNK, marking a significant milestone in the cryptocurrency sector. This listing is indicative of increasing institutional interest in decentralized finance, suggesting a potential shift towards mainstream adoption of such financial technologies. The event highlights the evolving landscape of finance and the growing acceptance of cryptocurrency-based investment vehicles.