LINK, the native cryptocurrency of the blockchain oracle project Chainlink is seeing renewed institutional interest. According to data received on Friday, LINK-focused exchange-traded funds (ETFs) recorded net inflows to the tune of $915,000 during the first week of July.
LINK ETFs gaining market’s attention
LINK-based ETFs are starting to shine again. Data from crypto ETF tracker SoSoValue shows that LINK ETFs attracted capital worth $915,000 during the week ending on Friday. The following table shows that this is the first time since the week ending June 12 that LINK ETFs are displaying a positive reading.
The cumulative total net inflows to LINK ETFs currently stand at just above $124 million. In the same vein, the total net assets tied to spot LINK ETFs are currently around $99.98 million, representing almost 1.7 percent of LINK’s total market cap.
As of Friday, there are only 2 actively-traded spot LINK ETFs. First is crypto asset manager Grayscale’s GLNK ETF, listed on the NYSE. The financial product has total net assets worth $78.59 million, and a cumulative net inflow of $99.7 million.
The second spot ETF is Bitwise’s CLNK LINK ETF. The product possesses net assets worth $21.39 million, with cumulative net inflows worth approximately $24.81 million. LINK is currently the 20th-largest cryptocurrency by reported market cap, worth around $5.89 billion.
It is worth highlighting that capital tied in LINK ETFs is still minuscule compared to the amount of capital that Hyperliquid’s HYPE ETFs have attracted over the past few months. Despite being a relatively new entrant in the ETF space, HYPE ETFs are already the talk of the town.
Data from SoSoValue shows that spot HYPE ETFs currently hold net assets worth approximately $336.4 million, representing about 2.28 percent of HYPE’s total market cap. The immense popularity of HYPE clearly shows the market’s affinity toward revenue-generating protocols over infrastructure plays like Chainlink.
Chainlink continues to see rapid adoption
Being the industry-standard decentralized oracle network, Chainlink is seeing an unprecedented rate of adoption, not just within the digital asset industry, but all across the wider financial space.
For instance, on May 13, Chainlink initiated support for Myriad Markets as their official oracle infrastructure provider. Similarly, on June 23, Chainlink announced a multinational banking initiative across Europe and South Korea to develop a real-time foreign exchange settlement network.
Meanwhile, the LINK token is still trying to find its bullish momentum. On May 18, the token’s liquidity on Binance collapsed to 0.68, threatening further downside. Over the past 3 months, LINK has pulled back by 12.8 percent.
