Ravio's Bracelet

is an item in.

Location and Uses
Link receives Ravio's Bracelet from Ravio as payment to stay at his house, as he is unable to pay rent at the time. When received, it is in an inactive state, which prevents its usage. While trying to rescue Osfala from the Eastern Palace, Link encounters Yuga as he turns the Sage into a painting. Link engages Yuga in battle and initially seems to defeat him, but Yuga uses his power to turn Link into a Painting on the wall. Soon after Yuga departs, the bracelet begins to glow from within the Painting, allowing Link to escape and return to normal. From then on, Link is able to merge into walls at will.

After Yuga is defeated, Princess Hilda uses Ravio's Bracelet to send Link and Princess Zelda back to Hyrule. This utterly exhausts the power of the bracelet, causing it to shatter.

Trivia

 * Ravio remarks that he would be interested in using the bracelet to "steal Yuga's power." This seems to indicate that Ravio's Bracelet received its power by absorbing Yuga's magic in the Eastern Palace.