- HBAR Foundation and Canary Capital announced the first-ever HBAR trust.
- HBAR ETF talks rise as HBAR becomes a contender along with SOL & XRP.
- Geopolitical beef in the Middle East takes its toll on the broader markets.
Hedera Hashgraph (HBAR) is making huge strides toward worldwide institutional adoption. The HBAR Foundation revealed that Canary Capital, a heavyweight digital asset management firm in the United States, has decided to launch its first trust offering, opening doors to Hedera’s native token, HBAR, to qualified institutional investors.
The enterprise-grade HBAR trust is the first HBAR investment vehicle in the United States and can potentially lead to an eventual HBAR exchange-traded fund (ETF).
The developments related to HBAR have prompted crypto analysts to measure the chances of an eventual HBAR ETF. Certainly, Hedera’s blockchain sees a similar trend to Solana (SOL) and Ripple (XRP), the two main contenders discussed by crypto enthusiasts. Canary Capital’s major move to build a U.S. HBAR trust reflects the growing institutional demand for altcoins.
HBAR Dips Hard Amid Geopolitical Tensions
As the broader crypto markets succumbed to rising tensions in the Middle East, the bearish constraints haven’t spared HBAR. The #50 ranked altcoin slumped by 7.5% over the past 24 hours, currently trading at $0.0544. Less than a week ago, HBAR claimed a new monthly high at $0.0635.
Today, HBAR’s price printed a hidden bullish divergence on the four-hour charts. According to analyst Crypto Troll, this points to a drastically oversold position. This technical setup is further strengthened by the Chaikin Money Flow (CMF) going up from 0.05 to 0.09, hinting at returning large investor streams. Additionally, the Stochastic Relative Strength Index (RSI) flashes a range below 50, affirming the currently oversold HBAR status.
HBAR has been driving innovation in crypto and recently increasing interest in leveraged markets. According to CoinGlass, HBAR’s volume in Derivatives markets has soared by 65% over the past 24 hours to $60 million. Binance’s customers can be singled out as the most bullish among leveraged traders, with a long versus short position ratio of 2.155.
On the Flipside
- A 90% retracement from its all-time peak didn’t stop HBAR from building an expansive range of utility cases due to Hedera’s unique distributed ledger technology.
- Major brands like Google, IBM, and Boeing are sitting on Hedera Hashgraph’s governing council, which could assist in an eventual HBAR ETF issuance.
Why This Matters
Crypto offerings are witnessing an accelerated institutional demand since Bitcoin’s ETF launch at the beginning of 2024.
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