Crypto Blog
Grayscale’s Chainlink Trust – GLNK – has surged to a premium of 200% when compared to the current LINK market prices. GLNK has seen a remarkable surge of almost 100% in the last week, concluding at $39 on Monday, up from its level of $21 on October 31.
It is also important to note that LINK’s price has more than doubled over the last three weeks amidst the broader cryptocurrency market recovery.According to CoinMarketCap, the 12th-largest crypto by market cap was up by approximately 25% over the past week alone and was currently trading at $13.50. Grayscale trusts are non-redeemable. This essentially implies that they are a “one-way door” and cannot be “efficiently arbitraged against the spot market” despite the asset manager’s attempt to convert its GBTC productis only around $4 million, it’s interesting to see the surge in demand for a product geared toward institutional investors.an astonishing 312,901 LINK. According to Lookonchain, the whale in question bought over 3.81 million worth of LINK tokens this week.
The adoption of Chainlink’s Cross-Chain Interoperability Protocol by institutions, as well as cross-chain projects, could be yet another factor pushing LINK’s price.
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