Grayscale’s Chainlink Trust (GLINK) Explodes 223% As LINK Outperforms Crypto Market – The Daily Hodl

Grayscale’s Chainlink Trust (GLINK) is currently trading at a 223% premium, signaling institutional investors are particularly eager to get their hands on the digital asset investment product.

The trust offers institutions a way to gain exposure to the native asset of decentralized oracle provider Chainlink (LINK) without directly investing in the crypto asset.

GLINK is selling for $44.11 a share at time of writing, and each share offers exposure to around 0.93 LINK, an amount that is currently only worth $13.62. Grayscale’s product is up around 120% in the past month.

The trust’s massive gains have materialized while LINK itself has outperformed the vast majority of the crypto market. The 12th-ranked digital asset by market cap is trading at $14.95 at time of writing and is up nearly 13% in the past 24 hours, more than 28% in the past week, and more than 105% in the past month.

By comparison, the overall crypto market cap is up around 25% over the past 30 days.

Pseudonymous crypto analyst The Flow Horse said recently that LINK could just be kicking off its uptrend.

“[People are] worried about buying LINK… because they feel they missed it. I think that between the $11.00 and $8.50 is going to look like a rounding error if we’re talking a year, two years into the future as the crypto market continues to grow.”

Pseudonymous analyst Rekt Capital, however, says LINK will likely dip to around the $11 level at some point to retest its previous resistance line, which he says was recently broken.

“Previous revisits of the monthly macro downtrend ended up in upside wicks, which is why a retest of the macro downtrend as support may be needed to confirm further trend continuation to the upside, especially if a rejection from red occurs soon.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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