Interesting position from Bitwise regarding Chainlink. Their CIO Matt Gowan recently expressed the opinion that LINK is definitely undervalued in the market, and honestly, it's hard to disagree with the reasoning.

Look, the problem is that most people don't understand what Chainlink actually does. When they hear about the project, they think of it as a simple 'oracle' — that it just brings prices from the internet onto the blockchain. But that's a very simplified picture. In reality, it's a platform that solves a key problem for blockchains — their isolation from the real world and from other networks.

Matt Gowan pointed out that Chainlink has a dominant market share in its niche — from 50% up to nearly 100%, depending on the service. And this is no coincidence. Stablecoins rely on its technology for price discovery. Asset tokenization is impossible without it. DeFi applications, prediction markets — all of these depend on Chainlink.

When you look at the list of partners — DTCC, SWIFT, JPMorgan, Visa, Mastercard, Fidelity, Franklin Templeton — you realize the scale of its influence. This isn't some peripheral project; it's infrastructure on which the future of finance is built.

Regarding the price. Currently, LINK is trading around $9.35, and its market cap is $6.80 billion. That's quite low, considering how critical this project’s role is. It's interesting to watch how large wallets have recently started accumulating tokens during the dip below $13. A classic scenario — institutions buy up, while small investors panic.

Probably, as more financial assets move onto the blockchain, the demand for Chainlink ETP will grow. And then, LINK's market cap will have more reasons to increase. If you haven't already, it's worth paying attention to this project.