Chainlink ETF inflows rose for a second straight day as Bitwise's spot fund kept buying LINK from the open market. Momentum indicators are turning up alongside the flows, with traders watching whether the token can reclaim $10.
Chainlink traded around $9.4 after rising 0.17% on the daily chart. The altcoin has held an ascending channel since breaking out of consolidation a week earlier, and it earlier jumped to $9.7 before cooling and stabilizing around $9.5.
Why are Chainlink ETF inflows rising?
Institutional demand returned as spot ETFs recorded Net Inflows for two consecutive days. According to SoSoValue, Net Inflows jumped to $2.07 million on the 17th of August. This followed $1.47 million in Net Inflows during the previous week.
Bitwise appeared to drive most of the buying. According to Arkham, the Bitwise Chainlink ETF purchased 171,870 LINK from Coinbase and Wintermute, worth $1.708 million. Following the purchases, the ETF held 3.092 million LINK worth $30 million.
Exchange activity backed up the shift too. Spot Netflow fell to -$1.4 million, meaning more LINK left exchanges than entered them. Higher exchange outflows have often strengthened demand, leading to gains on the price charts.
Can Chainlink reclaim $10?
Likely strengthened by the institutional demand, Chainlink's upside momentum increased significantly. The Positive Directional Index climbed to 33 while the ADX rose to 30, and with both rising together, the indicators pointed to strong upward momentum. The Aroon Up confirmed the view, remaining elevated at 78.
Together, the indicators signaled possible trend continuation, with buyers maintaining substantial dominance. Under these conditions, Chainlink could record further gains, and if demand holds, LINK could finally reclaim the $10 resistance level. The bullish outlook remains valid as long as LINK holds above $9.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
