Chainlink Attracts Institutional Giants, Driving Grayscale Trust Premium Sky-High
Portfolio Pulse from Khyathi Dalal
Grayscale Chainlink Trust (OTCQB:GLNK) is trading at a 200% premium to spot prices, indicating high institutional demand. Each share holds $12 worth of Chainlink’s LINK token, making it almost three times more expensive than the actual value of held assets. The trust holds around $4 million worth of LINK. Rising institutional demand has been pushing crypto token prices higher. Shares of GLNK were up 35% on Wednesday to $52.95, while LINK is up 10.7% in the past 24 hours.
November 08, 2023 | 8:09 pm
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Grayscale Chainlink Trust (GLNK) is trading at a 200% premium, indicating high institutional demand. The shares were up 35% on Wednesday to $52.95.
The high premium on GLNK shares indicates strong institutional demand, which is likely to continue driving the price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Chainlink’s LINK token, which is held by Grayscale Chainlink Trust, is up 10.7% in the past 24 hours.
The rise in LINK's price is likely due to the high institutional demand reflected in the premium on GLNK shares, which hold LINK. This demand is likely to continue pushing LINK's price up in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80