Grayscale Chainlink ETF draws $41M on debut, but not ‘blockbuster’

Chainlink (LINK) is currently trading at $13.70, showing a modest recovery from a November low of $11.556, although it remains significantly below its August high of $27.80. This price movement is attributed to increased buying activity from large investors, known as whales, alongside a decline in exchange reserves.

XRP Spot ETFs have reached a significant milestone, nearing $1 billion in assets under management (AUM) in under four weeks since their launch, according to Ripple's CEO, Brad Garlinghouse. The total net assets across four XRP ETF products currently stand at approximately $1.23 billion, with a recent inflow of $30 million reported on December 8, bringing cumulative net inflows close to $935 million.

The price of Hedera's HBAR has formed a risky pattern as ETF inflows stagnate, raising concerns that investors may be shifting their focus to other cryptocurrencies such as Solana (SOL), Ripple (XRP), and Chainlink (LINK). This trend is indicative of a broader volatility in the cryptocurrency market, where HBAR has recently seen a decline of 3.9% as reported by the CoinDesk 20 index.

Grayscale has posited that Bitcoin's market structure has evolved beyond its traditional four-year cycle, suggesting that institutional flows and macroeconomic dynamics are now more influential in determining BTC's price behavior. This perspective marks a significant shift in how Bitcoin's market trends are analyzed.

Crypto funds have recorded a second consecutive week of inflows, totaling $716 million, following a significant sell-off of $5.5 billion. Bitcoin has been a major contributor to this rebound, leading the inflows, while Chainlink has also seen substantial gains, accounting for over 50% of its assets under management.

XRP's price has been trading sideways, remaining just above the $2 mark, which has negatively impacted the performance of the U.S. spot ETFs linked to the altcoin. Since its launch, Canary Capital's XRP fund has seen a 20% decline, reflecting bearish sentiment among investors as XRP has dropped over 10% in the past month.

A significant surge in the cryptocurrency ETF market has been observed, particularly with XRP leading the way with $874 million in inflows, surpassing Solana's $682 million despite its earlier launch. This trend highlights the growing interest in altcoins like LTC, HBAR, DOGE, and LINK as new ETFs emerge in the market.