💥 $HBAR price jumps after first staking Hedera ETF launch
Hedera Hashgraph token jumped and crossed an important resistance level after the launch of the first staking exchange-traded fund.
Hedera (HBAR) jumped to a high of $0.2500, its highest level since March 7, up by nearly 100% from its lowest point in June. This rally was fueled by the ongoing crypto bull run.
Another catalyst for the surge was the announcement from Valour Finance about the launch of the Valour Hedera Physical Staking exchange-traded product on the SIX Swiss Exchange. In a statement, Johanna Belitz, the Head of Nordics at Valour, said:
💬 “Switzerland is one of the most forward-looking markets for regulated crypto products, and we’re proud to offer investors here access to yield-bearing protocols like HBAR and ICP in a simple and compliant format.”
The new listing will give investors, mostly in Switzerland, access to HBAR and its staking rewards. Data shows that HBAR tokens have a relatively small yield of 0.03%, much lower than other popular tokens like Solana (SOL) and Avalanche (AVAX).
The listing comes as Wall Street investors await a potential HBAR ETF approval by the Securities and Exchange Commission. An approval would give it access to American investors, who continue to show strong interest in crypto ETFs.
For example, spot Bitcoin ETFs have attracted over $53 billion in inflows, while Ethereum ETFs have added over $6.4 billion.
The case for HBAR is that Hedera is a large crypto project with a market capitalization of over $10 billion. Members of its governance council include blue-chip companies like Google and Ubisoft, and its stablecoin ecosystem is gaining momentum.
Its stablecoin supply has jumped to over $162 million, significantly higher than where it started the year.