Coinbase, the largest cryptocurrency exchange in the United States, has reportedly submitted filings to the Commodity Futures Trading Commission (CFTC) to list $LINK contracts under a self-certification model.
This move signifies a significant step for the exchange, with the launch scheduled for July 15.
Coinbase, the largest cryptocurrency exchange in the United States, submitted filings to the CFTC to list $LINK contract under a self-certification model. pic.twitter.com/MGN3Io8gL2
— Nastardamus ⏣ (@nas49001254) July 1, 2024
The announcement has sparked speculation that it could pave the way for a potential Chainlink ($LINK) exchange-traded fund (ETF), addressing some of the challenges previously encountered by the Solana ETF proposal. This development is seen as a pivotal moment in the cryptocurrency landscape, potentially boosting $LINK’s market presence and investor confidence.
On-chain data from Lookonchain has revealed a notable trend: whales and institutional investors are actively accumulating $LINK.
54 New Wallets Withdraws 2.08 Million $LINK Tokens From Binance
Over the past week, 54 newly created wallets have collectively withdrawn 2.08 million $LINK tokens, valued at approximately $30.28 million, from Binance. This significant accumulation indicates growing interest and confidence in $LINK among large-scale investors.
It seems that whales/institutions are accumulating $LINK!
We noticed that 54 fresh wallets withdrew 2.08M $LINK($30.28M) from #Binance in the past 7 days.https://t.co/SkqA1r0F1N pic.twitter.com/VkPt0kwPb4
— Lookonchain (@lookonchain) July 2, 2024
The decision by Coinbase to pursue the listing of $LINK contracts comes at a time when regulatory clarity and institutional involvement in the cryptocurrency space are increasingly critical. By leveraging a self-certification model, Coinbase aims to streamline the listing process and meet the demand for $LINK derivatives.
As the July 15 launch date approaches, the market will be closely monitoring the impact of this move on $LINK’s price and overall market dynamics. The potential for a $LINK ETF, combined with the recent accumulation by major investors, underscores the growing importance of Chainlink’s technology and its role in the broader blockchain ecosystem.
This development marks another milestone in the maturation of the cryptocurrency market, highlighting the evolving relationship between digital assets and traditional financial instruments. The successful listing of $LINK contracts by Coinbase could set a precedent for future regulatory approvals and market innovations in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: skorzewiak/123RF // Image Effects by Colorcinch
The post Coinbase Prepares To List $LINK Contracts Amid Growing Institutional Interest appeared first on The Merkle News.
