Chainlink [LINK] has seen renewed institutional demand as spot ETFs recorded net inflows for two consecutive days, with Bitwise leading the accumulation. The altcoin broke out of consolidation a week ago, holding at $8.1 before jumping to $9.7 and stabilizing around $9.5. As of this writing, LINK traded at $9.4 after rising 0.17% on the daily chart. Technical indicators suggest strong upward momentum, with the ADX at 30 and the Aroon Up at 78, pointing to possible trend continuation.
Chainlink [LINK] experienced a surge in institutional demand as spot ETFs recorded net inflows for two consecutive days. According to SoSoValue, LINK spot ETF net inflows jumped to $2.07 million on August 17th, following $1.47 million in net inflows during the previous week.
Bitwise appeared to drive most of these inflows, with its Chainlink ETF aggressively accumulating LINK over the past six days. Arkham data shows the Bitwise Chainlink ETF purchased 171,870 LINK from Coinbase and Wintermute, worth $1.708 million. Following this buying spree, the ETF held 3.092 million LINK valued at $30 million.
Exchange activity also indicated this market shift, as spot netflow dropped into negative territory. Spot netflow fell to -$1.4 million, indicating more LINK left exchanges than entered them.
Likely strengthened by institutional demand, Chainlink’s upside momentum increased significantly. The Positive Directional Index (+DI) maintained its upward trajectory and climbed to 33, while the ADX rose to 30. The Aroon Up confirmed this market view, remaining elevated at 78.
