Solid debut days on the ETF markets can’t prevent major-scale players from cashing out: what’s next for HBAR?
With the United States (USA) government back in action, the multiple missed key dates in the exchange-traded fund (ETF) field, including the HBAR-based Grayscale ETF. While one out of the two ETFs is pending, Canary Capita’s HBAR ETF, debuting with the HBR ticker, has scored a solid $71 million inflow on Thursday.
Enormous Profit Taking Overshadows HBAR ETF Success
Surely, these ETF stats aren’t matched with Solana’s $368.52 million ETF inflows in the same time window, but the Grayscale HBAR ETF approval could significantly speed things up for the DLT altcoin on traditional stock markets. Meanwhile, Hedera’s native coin is showing some resilience around the $0.17 support level despite atypically huge whale sell-offs.
Staying above the area in the near-term won’t be easy with an extra strong case of profit-taking on Thursday evening. The Chaikin Money Flow (CMF), a key technical instrument in assessing crypto whale behavior, has tumbled to -0.35, meaning that big-time players are cashing out in masses.
HBAR ETF Debuts Slow But Steady, Grayscale Still On Hold
Keeping above this level is crucial while Bitcoin (BTC) retests $100,000 amidst the re-opening of the USA government. With many traders reconsidering their short-term decisions & searching for risk-off assets, the digital asset sector could endure a shake-out before the next bull run leg arrives. With Canary Capital taking the fast-track method towards launching the inaugural HBAR ETF, Grayscale’s liability could be different with the SEC’s Crypto Task Force re-opening.
The 21-day loophole allowed Hedera’s HBAR Spot market-tracking ETF to debut amid the lock-down, but the SEC could treat the case differently due to Grayscale’s enormous $20.2 billion assets under management (AUM), nearly 20 times larger than Canary’s.
Discover DailyCoin’s hottest crypto news today:
Shiba Inu Finds Real-World Utility In $2 Trillion Telecom Market
Franklin Templeton Expands to Canton Network
