$42 million in revenue was reported by Grayscale's Chainlink ETF on its first day

Source: CryptoTrend Original Title: $42 Million in revenue reported by Grayscale’s Chainlink ETF on its first day Original Link: This Wednesday, the financial firm Grayscale launched the first Chainlink ETF (LINK) on NYSE Arca. This fund experienced strong activity from traders despite the recent cooling of the crypto world. During its first day, the product received inflows of $42 million dollars.

This new product trades under the symbol GLNK and, contrary to some cautious estimates, experienced reasonably good activity. According to Bloomberg analyst James Seyffart, this performance is highly positive for the first day of activity. The expert highlighted that the product reached $62 million in assets under management and a high trading volume.

Seyffart concedes that the launch cannot be classified as a resounding success. However, being the first day of trading makes it an outstanding debut. Additionally, the conditions of the crypto market around this launch must be considered. Since October 10, the cryptocurrency market has been suffering a strong intermittent downward trend that has wiped out tens of billions.

This Grayscale product becomes the first ETF linked to the Chainlink token (LINK). Unlike other traditional ETFs, this offers exposure to LINK’s price through an ETP structure. The product marks a new effort by Grayscale to give clients access to assets related to tokenization and cryptocurrencies.

Chainlink ETF joins the list of new crypto products

In recent weeks, numerous exchange-traded products linked to cryptocurrencies have appeared in the U.S. equity market. The notable element is that most of them have had positive performances in their debut. Essentially, all recent crypto products, except for Dogecoin, are in the green.

This clearly shows that the local bear market affecting cryptocurrencies is not a complete reason for Wall Street to turn away. In fact, major portfolios are demanding greater exposure, considering that the market cooling occurs despite solid fundamentals.

It is important to note that Grayscale’s Chainlink ETF could soon be followed by a similar product from another manager. Recently, the registration of this product was filed with DTCC under the symbol CLNK. Although appearing in DTCC is an administrative step and not an approval of the product itself.

However, this step is highly relevant, as it is the first move of a product that will soon be offered on the market.

These movements related to LINK exchange-traded funds could give a notable boost to the coin’s price in the spot market.

At the time of writing this report, the token’s price has increased by +2.26% in 24 hours, while over the past week, performance approaches double digits in positive territory. This leaves LINK’s price at $14.66 per coin.