Bitwise Spot Chainlink ETF registers with the DTCC, possibly indicating an upcoming launch.

On November 11, the US-based cryptocurrency asset management giant Bitwise officially listed its spot Chainlink (LINK) exchange-traded fund (ETF) on the Depository Trust & Clearing Corporation (DTCC) registry in the United States, with the trading code CLNK. The ETF has been categorized as “Active” and “Pre-Listing.” Although it has not received final approval from the U.S. Securities and Exchange Commission (SEC), historical data shows that inclusion in the DTCC registry often signals that a product is nearing market launch.

This event occurs amid the 42nd day of the US government shutdown and delays in multiple cryptocurrency ETF approvals. If successfully launched, it will become one of the first US spot ETFs targeting decentralized oracle networks, further advancing the institutionalization of altcoins.

DTCC Registry Signal Analysis: Why Does It Signal ETF Listings?

The Depository Trust & Clearing Corporation (DTCC), as a core post-trade infrastructure platform on Wall Street, handles clearing, settlement, and record-keeping for stocks, ETFs, and other financial assets. Its registry activity is viewed as a key indicator before product launches. On November 12, Bitwise’s spot Chainlink ETF was listed as “Active” and “Pre-Listing” with the trading code CLNK. While this does not directly mean SEC approval, industry analysts note that DTCC’s pre-listing process typically occurs 1-2 weeks before regulatory green lights—similar signals appeared before several Bitcoin spot ETF launches earlier this year. DTCC’s involvement indicates that the fund’s clearing channels are ready, paving the way for institutional investors to participate.

Bitwise ETF Application Progress and Regulatory Requirements

As one of the largest cryptocurrency asset managers in the US, Bitwise submitted Form S-1 in August 2023 to formally apply for a spot ETF tracking Chainlink (LINK). Chainlink is a decentralized oracle network’s native token, primarily providing real-world data to on-chain smart contracts. Currently, Bitwise has not completed the Form 8-A registration statement, a legal step required before an ETF’s official listing on an exchange. Unlike Grayscale’s application for a Chainlink ETF with staking features, Bitwise’s version does not involve staking, potentially reducing regulatory scrutiny. The SEC remains cautious about staking products, especially after Ethereum’s transition to PoS, with regulatory boundaries still unclear.

Key Information on Bitwise Chainlink ETF

• Trading Code: CLNK
• Application Type: Spot ETF
• Target Asset: Chainlink (LINK)
• Form S-1 Submission Date: August 2023
• Current Status: Awaiting Form 8-A submission and SEC approval
• Management Fee: Not disclosed (similar products typically around 0.50%-0.95%)

Market Context: Government Shutdown and ETF Approval Delays

The US federal government has been shut down for 42 days, and the SEC’s limited operations due to budget cuts have delayed approval for several crypto products, including VanEck’s Ethereum spot ETF. However, Congress is expected to pass funding agreements to restore full SEC functionality, which industry observers believe will accelerate the approval process for pending ETFs. Notably, in mid-September, the SEC introduced a new general listing rule allowing certain crypto investment products to bypass case-by-case review and be approved through standard procedures. This rule could fast-track ETFs for altcoins like Solana (SOL) and Avalanche (AVAX), but Chainlink, classified as a “decentralized infrastructure token,” still faces regulatory uncertainties.

Chainlink Ecosystem and Institutional Investment Potential

The Chainlink oracle network currently supplies data to over 2,000 DeFi projects, with a total value locked (TVL) exceeding $30 billion. Its token, LINK, has a circulating market cap of approximately $12 billion, making it one of the few cryptocurrencies with tangible business backing among the top ten by market cap. If the Bitwise ETF is approved, institutional investors can indirectly hold LINK through traditional brokerage accounts without managing private keys, significantly lowering operational barriers. Meanwhile, Grayscale’s Chainlink Trust (GLNK) has seen its premium widen this year, indicating strong institutional demand. As a core component of Web3 data infrastructure, the ETFization of decentralized oracle networks marks their integration into mainstream asset allocation.

Cryptocurrency Fund Flows Diverge: Bitcoin Outflows, Solana Leads

Last week, total net outflows from crypto investment products reached $1.17 billion, marking the second consecutive week of large redemptions. The US market led outflows with $1.22 billion, while Germany and Switzerland saw net inflows of $41.3 million and $49.7 million, respectively. Bitcoin funds experienced net outflows of $932 million, and Ethereum funds outflows of $438 million, but inverse inflows into short Bitcoin ETPs reached $11.8 million, the best weekly performance since May 2025. Notably, Solana (SOL) funds saw weekly inflows of $118 million, with a total of $2.1 billion inflowed over nine weeks, showing that market interest in certain altcoins remains strong despite overall caution.

Conclusion

The listing of the Bitwise Spot Chainlink ETF on the DTCC registry not only signifies technical readiness before product launch but also reflects deeper shifts in cryptocurrency regulation and market structure. Amid the government shutdown and approval delays, institutional efforts to deploy standardized financial products into altcoins continue unabated. If approved, this ETF could pioneer the securitization of decentralized oracle networks and set a precedent for more blockchain infrastructure assets entering mainstream markets.