Grayscale’s spot Chainlink ETF (GLNK) goes live on NYSE Arca; debut volume strong, first‑day close $11.89 — low exchange balances, 2.33M LINK whale and heavy shorts near $13.94/$14.87 create >$60M short‑squeeze risk

first published 2025-12-02T12:55:51Z

Grayscale’s first spot Chainlink ETF (GLNK) began trading on NYSE Arca (confirmed by Eric Balchunas). On‑chain data show exchange LINK balances at 2020 lows while a whale accumulated 2.33 million LINK (~$38.86M) over six months (currently >$10.5M unrealized loss). Derivatives data show heavy short interest clustered near $13.94 with next resistance at $14.87; breaching both could trigger a short squeeze estimated at over $60M. Chainlink metrics also rose: Chainlink Reserve 973,753 LINK, TVE $27.09 trillion and TVM 18.87 billion — supporting a bullish outlook conditional on price action around the noted liquidity pockets.

AI Analysis

Bullish signals are concrete: GLNK began trading on NYSE Arca (institutional demand vector), exchange LINK balances are at 2020 lows and a whale accumulated 2.33M LINK (reducing available supply), derivatives show concentrated short interest around $13.94 with next resistance at $14.87 and an estimated >$60M of shorts that could be squeezed; on‑chain metrics (Reserve, TVE, TVM) also increased. These facts support a bullish sentiment and moderate short‑term market impact.

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