Crypto Showdown: Chainlink and XRP Duel for ETF Dominance! 💰⚔️

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In the grand theater of cryptocurrency, where fortunes are made and lost with the flick of a digital switch, a most riveting contest unfolds. The noble tokens, Chainlink (LINK) and XRP, find themselves under the watchful gaze of the U.S. Securities and Exchange Commission (SEC), as the esteemed crypto asset manager, Bitwise, has taken the audacious step of submitting its paperwork for a Bitwise Chainlink ETF. Ah, the drama! 🎭

Bitwise Takes the Bull by the Horns with Chainlink ETF Filing

In a document known as the S-1 filing, Bitwise has laid bare its intentions: to hold LINK directly, thus offering investors a golden opportunity to bask in the glow of this oracle network’s native token without the tiresome chore of purchasing it on the open market. Imagine, dear reader, a world where one can create shares using LINK and redeem them for the very same token, or perhaps even in cash! It’s like a magic trick, but with money! 🪄💵

Moreover, the shares of this fund shall be issued and redeemed in cash, a process that mirrors the structure of other spot ETFs, as if they were all part of a grand ballet, twirling gracefully across the stage of finance. The SEC, in its infinite wisdom, has only recently begun to allow such in-kind creation and redemption for crypto-based ETFs. Yet, the Bitwise Chainlink ETF application remains shrouded in mystery, lacking a ticker symbol and a specified listing venue. But fear not! Bitwise has grand plans to list this fund on a U.S. national securities exchange, provided the SEC grants its blessing. And lo! The Coinbase Custody Trust Company shall serve as the custodian for the LINK tokens, a role akin to that of a trusted butler in a grand estate. 🏰

As if the universe conspired in favor of Chainlink, its price has responded with enthusiasm to the news of the Bitwise ETF application, trading above $23 and enjoying a delightful 5% gain on the daily chart. Traders, those ever-watchful hawks, now ponder whether LINK can harness this ETF momentum and soar toward a price breakout of $30, should the cryptocurrency continue its upward trajectory. 🚀

Chainlink and XRP: A Duel for the ETF Spotlight

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2025-08-27 17:13