Chinalink’s first ETF started with 41 million dollars! LINK on the verge of breaking records?

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Yesterday, Chinalink’s first spot ETF with the symbol GLNK started working in America and managed to attract 41.5 million dollars in the first day only; An event that indicates an increase in institutional demand for altcoins.

After the launch of this fund, the price of LINK broke out of a multi-month descending channel, and with the entry of large buyers, there are now early signs of a new uptrend.

The data shows that whales have taken about 9.94 million LINKs worth $188 million from Binance in recent weeks. On the other hand, the increase in open interest and the volume of derivatives transactions show that bullish sentiments are strengthening.

However, analysts warn that some of the whales that bought at higher prices are now close to break-even and may sell if prices rise. This can create short-term volatility and prevent LINK from quickly crossing historical resistances.

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Currently, the market expects institutional capital inflows through ETFs to offset possible selling pressure from whales and pave the way for the price to climb to its all-time high in 2021.