LINK (Chainlink) up 17.59% in 24 hours

Gate News Bot reports that as of December 3, according to CoinMarketCap data, LINK (Chainlink) is currently trading at $14.23, up 17.59% in the past 24 hours, with a high of $14.23 and a low of $11.76. The 24-hour trading volume reached $974 million. The current market capitalization is approximately $9.919 billion, an increase of $1.484 billion compared to yesterday.

Chainlink is the industry-standard oracle platform that supports decentralized finance and drives capital markets on-chain. Chainlink provides reliable external data sources for smart contracts, enabling them to securely interact with off-chain resources.

Key recent news about LINK:

1️⃣ First Chainlink Spot ETF Set to Launch The Grayscale Chainlink Trust ETF (ticker: GLNK) has been approved by NYSE Arca and will officially begin trading this Tuesday. This is the first Chainlink (LINK)-related exchange-traded product (ETP) in the US, providing institutional investors with a new direct access channel to LINK. The ETF has a management fee rate of 0%, which is expected to attract more investor attention.

2️⃣ Exchange LINK Supply Drops to Multi-Year Low According to CryptoQuant data, the circulating supply of LINK on exchanges has dropped to its lowest level since 2020. Historical trends show that when exchange balances decrease and the long-term accumulation trend continues, it often signals a supply squeeze, which could drive prices higher if demand increases.

3️⃣ Chainlink Reserve Continues to Accumulate LINK The latest data from Chainlink’s official reserves show that its holdings have increased to approximately 974,000 LINK tokens, valued at about $12.89 million. The continued accumulation by the reserve reflects the project’s confidence in LINK’s long-term development and may have a positive impact on market sentiment.

From a technical perspective, the LINK price has broken through previous resistance levels, showing strong upward momentum. However, investors should remain cautious of potential short-term volatility around the initial ETF launch. On the fundamentals, Chainlink’s importance as DeFi infrastructure is rising, and its co-founder expects DeFi to achieve 100% global adoption by 2030, offering potential long-term support for LINK.

This information does not constitute investment advice. Investors should be aware of market volatility risks.