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.
Institutional Demand Pushes GLNK to 200% Premium
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.
The spread was first observed by popular Chainlink influencer ChainLinkGod, who highlighted that 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 product into a redeemable spot ETF.
He noted that while the AUM of GL
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