Bitwise Buying Spree Fuels Chainlink Price Rally

Chainlink has been trading within an ascending channel since breaking out of consolidation a week ago. The altcoin reached $9.7 before cooling and stabilizing around $9.5, with current prices at $9.4 after rising 0.17% on the daily chart.

Institutional investors have signaled a major comeback, with Chainlink Spot ETFs recording net inflows for two consecutive days. The largest contributor to these inflows was Bitwise, which purchased 171,870 LINK worth $1.708 million from Coinbase and Wintermute over the past six days.

This buying spree has strengthened market sentiment among institutional investors, who have historically performed well when accumulating Chainlink. As a result, the Positive Directional Index (+DI) maintained its upward trajectory, climbing to 33, while the ADX rose to 30, indicating strong upward momentum.