Two new spot Chainlink products launched in late 2025 and early 2026 have materially altered the institutional on‑ramp, and on‑chain flows show large holders responding.
Grayscale launched GLNK on December 2, and Bitwise secured NYSE Arca approval for CLNK around January 6, 2026, creating cleaner, regulated access that has coincided with sizeable whale accumulation, according to fund filings and chain analytics.
The combined effect is a shift from speculative trading toward longer-term holding: first‑day and early inflows into GLNK and fee incentives from both managers have encouraged capital to convert into custody or off‑exchange wallets, reducing visible sell pressure.
Grayscale converted an existing Chainlink trust and launched GLNK on December 2, offering staking features and an introductory fee waiver, while Bitwise won NYSE Arca approval for CLNK in early January 2026 and priced its product aggressively, according to filings. Those product designs matter: ETFs eliminate direct custody friction and compliance barriers, making LINK accessible to corporate treasuries and wealth managers that otherwise avoid self‑custody.
Key mechanics that have incentivized institutional inflows include management fee waivers and planned yield generation. Data from filings showed GLNK waived its 0.35% management fee for three months or until the fund reached $1 billion AUM, and Bitwise priced CLNK at 0.34% with an introductory waiver for the first $500 million for three months.
These features reframe LINK as a yield‑capable, regulated exposure rather than a purely speculative token, subtly encouraging large investors to accumulate and hold for yield and compliance reasons.
On‑chain signals: withdrawals, large wallets and concentrated accumulation
On‑chain metrics point to a clear behavioral response from large holders. Following periods of market stress and around ETF milestones, trackers recorded sizeable exchange outflows and wallet formation, which analysts interpret as deliberate hoarding rather than routine churn.
These withdrawals reduce exchange‑visible supply and can compress available liquidity. For traders, that raises the chance of sharper moves on order‑book shocks; for treasuries, it signals a shift toward lock‑up and staking economics rather than active market making.
Investors and risk managers should watch the evolution of AUM and staking enablement closely. If Bitwise enables staking via a third‑party agent and ETF assets scale beyond the introductory fee‑waiver thresholds, that will materially test whether institutional demand sustains the current accumulation trend.
At the same time, early negative performance metrics and temporary fee waivers underscore execution risk: reduced exchange supply can amplify volatility, and product economics may change once promotional fees end, altering the incentive for whales to hold or stake.
