Extreme Fear Grips Altcoins As 90% Of Tokens Trade Below 200DMA: Perfect Time To Accumulate?

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.

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, Bitcoin attempted a recovery but faced significant selling pressure near $107,000, impacting its price negatively. Most altcoins also experienced sell-offs from their resistance levels, indicating a broader downturn in the cryptocurrency market. This event highlights ongoing volatility and challenges within the crypto space, affecting investor sentiment and market dynamics.

Bitcoin Cash (BCH) rose by 4.1%, leading the CoinDesk 20 Index higher, while Chainlink (LINK) also performed well with a 4% increase. This positive movement in cryptocurrency markets highlights growing investor confidence and market activity.

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.