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$TRX United States asset manager Canary Capital has filed to list an exchange-traded fund (ETF) holding the Tron blockchain networkās native token, TRX (TRX), regulatory filings show.
The fund intends to hold spot TRX and stake a portion of the tokens for added yield, the filing said.
According to CoinMarketCap, the TRX token has a total market capitalization of more than $22 billion. Staking TRX generates an annualized yield of approximately 4.5%, data from Stakingrewards.com shows.
The filing is the latest in an outpouring of submissions aimed at listing ETFs holding alternative cryptocurrencies, or āaltcoins.ā
However, Canaryās proposed fund is relatively unique in requesting permission to stake its crypto holdings in its initial application. Other US ETFs, such as those holding the Ethereum networkās native token, Ether (ETH), have sought approval for staking only after successfully listing a fund holding the spot token. They are still waiting for a regulatory decision.
Tron is a proof-of-stake blockchain network founded by Justin Sun, who also owns Rainberry (formerly Bittorrent), the developer of the BitTorrent protocol.
In March 2023, the SEC sued Sun for allegedly fraudulently inflating the prices of the Tron token and BitTorrentās BTT token.
In February, the SEC and Sun asked the judge overseeing the lawsuit to pause the case to allow the parties to enter into settlement talks.
The fund intends to hold spot TRX and stake a portion of the tokens for added yield, the filing said.
According to CoinMarketCap, the TRX token has a total market capitalization of more than $22 billion. Staking TRX generates an annualized yield of approximately 4.5%, data from Stakingrewards.com shows.
The filing is the latest in an outpouring of submissions aimed at listing ETFs holding alternative cryptocurrencies, or āaltcoins.ā
However, Canaryās proposed fund is relatively unique in requesting permission to stake its crypto holdings in its initial application. Other US ETFs, such as those holding the Ethereum networkās native token, Ether (ETH), have sought approval for staking only after successfully listing a fund holding the spot token. They are still waiting for a regulatory decision.
Tron is a proof-of-stake blockchain network founded by Justin Sun, who also owns Rainberry (formerly Bittorrent), the developer of the BitTorrent protocol.
In March 2023, the SEC sued Sun for allegedly fraudulently inflating the prices of the Tron token and BitTorrentās BTT token.
In February, the SEC and Sun asked the judge overseeing the lawsuit to pause the case to allow the parties to enter into settlement talks.
#TRXETF ETH Price Drops below MVRV, Suggesting Bullish Breakout Potential
Table of Contents
ETH creates an ideal buying opportunity
Ethereum price updates
The ongoing Ethereum bearish market has triggered increased attention on on-chain metrics to completely understand the downtrend behind the scenes. Today, crypto analyst Ali Martinez shared his outlook on Ethereumās market performance, basing his perspective on the MVRV ratio.
ETH creates an ideal buying opportunity
As per data shared by Martinez, ETHās price has dropped below the lower MVRV price Band, an event that has created a perfect buying opportunity in the market. Historically, this drop shows that purchasing tokens at this level normally generates the best profitability. This buying trend has been happening since 2016 whenever Ethereumās price drops below MVRV.
Ethereum price updates
This enthusiastic sentiment is further confirmed by the surging Open Interest (OI). According to metrics from Coinglass, OI for Ethereum increased by 3.88% from yesterday to $18.52 billion. This rise in IO suggests that traders are paying premiums to maintain long positions, an indicator of a growing buying activity and increased confidence in the token. As sellers seem to be decreasing, Ethereum appears preparing for a recovery.
Table of Contents
ETH creates an ideal buying opportunity
Ethereum price updates
The ongoing Ethereum bearish market has triggered increased attention on on-chain metrics to completely understand the downtrend behind the scenes. Today, crypto analyst Ali Martinez shared his outlook on Ethereumās market performance, basing his perspective on the MVRV ratio.
ETH creates an ideal buying opportunity
As per data shared by Martinez, ETHās price has dropped below the lower MVRV price Band, an event that has created a perfect buying opportunity in the market. Historically, this drop shows that purchasing tokens at this level normally generates the best profitability. This buying trend has been happening since 2016 whenever Ethereumās price drops below MVRV.
Ethereum price updates
This enthusiastic sentiment is further confirmed by the surging Open Interest (OI). According to metrics from Coinglass, OI for Ethereum increased by 3.88% from yesterday to $18.52 billion. This rise in IO suggests that traders are paying premiums to maintain long positions, an indicator of a growing buying activity and increased confidence in the token. As sellers seem to be decreasing, Ethereum appears preparing for a recovery.
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