The first US HBAR Trust went live recently, sparking discussions over a potential Hederal ETF launch. The launch of the Bitcoin and Ethereum Spot ETF in the US has fueled discussions over which altcoins will be there in line to witness an ETF launch in the same market. For instance, discussions are soaring over a potential Solana and XRP ETF launch in the US, given the recent developments in the crypto market.
Canary Capital Rolls Out First US HBAR Trust
Canary Capital, led by Steven McClurg, has announced the launch of the first US HBAR trust today, sparking discussions over a potential Hedera ETF launch. This investment instrument would provide institutional investors the opportunity to invest in the native crypto of the Hedera.
Notably, Canary Capital’s recent move appears to be aiming at the growing institutional demand for top crypto investment solutions in the crypto. Besides, it also comes amid a time when the Wall Street players are shifting their focus towards Bitcoin and other top altcoins.
Meanwhile, according to the announcement, this launch aims to open new opportunities for the US institutions that have been sidelined. In addition, it also lauds the efficacy and scalability of the network’s distributed ledger technology. By enabling direct access to the crypto, it also fueled speculations over a potential ETF launch in the near future.
McClurg has shown confidence in the growing demand for crypto offerings in the US. He emphasizes the need for innovative solutions beyond the retail products in the press release. It’s worth noting that he is a co-founder at Valkyrie Funds, which is known for the Bitcoin ETF launch.
Hedera ETF Speculations Soar
The growing reputation of Hedera as an enterprise-grade blockchain has caught the investors’ eyes so far. It is also widely praised in areas like asset tokenization, NFTs, and web3 applications. This increasing utility, along with the launch of the Trust, has led to soaring speculations over a potential Hedera ETF.
The HBAR Foundation highlighted that US institutional investors can now acquire the crypto through this new trust. It marks a crucial milestone for the cryptocurrency. As the network continues to gain traction, many believe that an ETF might be the next logical step to further institutional adoption.
The crypto market has already seen discussions about possible ETFs for Solana and XRP, driven by recent developments. For context, the recent launch of XRP Trust by Grayscale has sparked discussions about a potential XRP ETF launch in the US happening in the near future.
However, despite the soaring discussions, HBAR price slipped nearly 6% today, amid a broader market downturn. Its trading volume was up nearly 10% to $56.67 million during writing. Notably, the slump in the crypto market today comes after the US PMI showed a shrinking economy, which has sparked concerns among traders.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
By CoinGape
Source: CoinGape
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