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Chainlink ($LINK), the native token of the eponymous network, experienced a sharp rally on Wednesday.
The token surged by approximately 18-20%, reaching an intraday peak of $14.57. It has vastly outperformed the rest of the top 20 tokens, including archrival $XRP.
The launch of the first U.S. Chainlink exchange-traded fund (ETF) is believed to be the key catalyst behind the recent surge.
The product, which debuted on Dec. 2, provides direct exposure to $LINK.
From the get-go, Grayscale, the world's largest crypto asset manager, will be offering this ETF with 0% fees.
Bitwise filed an S‑1 registration statement with the SEC on August 26, 2025, to launch a spot Chainlink ETF. The fund has appeared on the registry of the Depository Trust & Clearing Corporation (DTCC) under ticker CLNK.
Canary Capital submitted an amended filing with the SEC for its “American‑Made Crypto ETF” that includes Chainlink alongside $XRP and other assets.
ATH is still out of reach
That said, $LINK is still far from reclaiming its all-time high of $52.70, which was recorded back in May 2021. So far, the token is down by 72% from its record high.
April 2021 was part of a major Bitcoin and altcoin bull run, with investors FOMOing into such tokens.
The ETF-driven rally is rather strong, but the level of excitement surrounding Chainlink is still rather muted compared to that time.