$42 million in revenue was reported by Grayscale's Chainlink ETF on its first day

Source: CritpoTendencia Original Title: $42 million in revenue reported by the Grayscale Chainlink ETF on its first day Original Link: On Wednesday, financial firm Grayscale launched the first Chainlink ETF (LINK) on the NYSE Arca. This fund experienced strong activity from traders despite the recent cooling of the crypto world. Thus, during the first session, the product received inflows of $42 million dollars.

This new product trades under the symbol GLNK and, contrary to some reserved estimates, experienced reasonably good activity. According to Bloomberg analyst James Seyffart, this performance is hugely positive for a first day of trading. The expert highlighted the fact that the product reached $62 million in assets under management and a high trading volume.

Seyffart concedes that the launch cannot be considered an outright success. However, the fact that it is the first day of trading makes it an outstanding debut. Additionally, the crypto market conditions surrounding this launch must be considered. Since October 10, the cryptocurrency market has suffered a strong, intermittent bearish trend that has wiped out tens of billions.

This Grayscale product becomes the first ETF linked to the Chainlink token (LINK). Unlike other traditional ETFs, this one offers exposure to the price of LINK through an ETP structure. The product represents a new effort by Grayscale to give clients access to assets related to tokenization and cryptocurrencies.

The Chainlink ETF joins the list of new crypto products

In recent weeks, numerous exchange-traded products linked to cryptocurrencies have appeared in the US equities market. The striking element is that most of them have performed positively at launch. Basically, all recent crypto products, except Dogecoin, are in the green.

This highlights that the local bear market affecting cryptocurrencies is not a reason for Wall Street to completely back away. In fact, major portfolios are seeking greater exposure, precisely considering that the market cool-down is happening despite solid fundamentals.

It is important to note that the Grayscale Chainlink ETF may soon be joined by a similar product from Bitwise. Recently, this product was registered with the DTCC under the symbol CLNK. Although appearing in the DTCC is an administrative step and not an approval of the product itself.

However, this step is highly relevant, since it is the first move for a product that will soon be offered on the market.

These moves related to LINK exchange-traded funds could provide a notable boost to the coin’s spot market price.

At the time of writing, the token’s price is up +2.26% in 24 hours, while its one-week performance is approaching double-digit positive gains. This puts the LINK price at $14.66 per coin.