- HBAR Foundation and Canary Capital announce the first HBAR Trust.
- HBAR ETF discussions have picked up steam as HBAR becomes a competitor alongside SOL and XRP.
- The geopolitical beef in the Middle East hurts the broader market.
Hedera Hashgraph (HBAR) is making great strides toward global institutional adoption. The HBAR Foundation said Canary Capital, a large US digital asset management firm, has decided to launch its first trust product, opening the door to HBAR, Hedera’s native token, to qualified institutional investors.
The enterprise-grade HBAR trust is the first HBAR investment vehicle in the U.S. and could potentially lead to the final HBAR exchange-traded fund (ETF).
Developments related to HBAR have prompted cryptocurrency analysts to gauge the likelihood of an eventual HBAR ETF. Certainly, Hedera’s blockchain shows similar trends to Solana (SOL) and Ripple (XRP), the two main competitors discussed by cryptocurrency enthusiasts. Canary Capital’s major move to establish a US HBAR trust reflects growing institutional demand for altcoins.
HBAR declines amid geopolitical tensions
Bearish constraints also did not escape HBAR as the broader cryptocurrency market succumbed to rising tensions in the Middle East. The 50th-ranked altcoin is down 7.5% in the last 24 hours and is currently trading at $0.0544. Less than a week later, HBAR hit a new monthly high of $0.0635.
Today, the price of HBAR displayed a hidden bullish differential on the 4-hour chart. According to analyst Crypto Troll, this points to a sharply oversold position. This technical setup has strengthened further with Chaikin Money Flow (CMF) rising from 0.05 to 0.09, suggesting the return of large investor flows. Additionally, the Stochastic Relative Strength Index (RSI) is flashing a range below 50, confirming the current oversold condition of HBAR.
HBAR has been leading innovation in the cryptocurrency space and has recently seen increasing interest in the leverage market. According to CoinGlass, HBAR’s derivatives market trading volume increased 65% in the last 24 hours to $60 million. Binance’s clients can be considered the most optimistic of leveraged traders, with a long to short position ratio of 2.155.
On the flipside
- Despite the 90% retracement from its all-time high, that hasn’t stopped HBAR from building a broad utility case thanks to Hedera’s unique distributed ledger technology.
- Major brands such as Google, IBM, and Boeing may join Hedera Hashgraph’s management committee and support the final HBAR ETF issuance.
Why This Matters
Institutional demand for cryptocurrency products is accelerating following the launch of the Bitcoin ETF in early 2024.
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