Canary Capital Seeks SEC Approval for TRON (TRX) Staking ETF Amid Whale Activity Surge

Canary Capital Group has filed a new application with the U.S. Securities and Exchange Commission (SEC) to launch a Staked TRX ETF, aiming to track the price of TRON (TRX) and enable investors to earn staking rewards. This development comes as TRON experiences significant whale activity and a shift in retail investor participation, impacting its market dynamics.

Canary Capital Seeks SEC Nod for TRON (TRX) Staking ETF

Canary Capital Group has registered a new appeal with the U.S. Securities and Exchange Commission (SEC) to launch a Staked TRX ETF. This exchange-traded fund will follow the price of TRON (TRX) token and let investors earn rewards by staking their TRX.

TRON Whale Activity and Retail Exit Impact on TRX

TRON’s Open Interest (OI) surged as its price increased, with top trader positions going up and retail accounts going down. Whale activity could signal a potential bullish reversal for TRX, but retail traders could keep the market in correction. TRX saw an intense surge of contracts reaching 316,072. Top Trader Position (TTP) traders increased their long positions, while True Retail Accounts (TRA) traders decreased their long exposure. The price movement indicated a substantial TRX whale was positioned long, while retail traders took short positions. When the price revisited the $0.248–$0.250 range, OI moved inversely, and the TTP decreased, suggesting the whale closed its position. Source: Hyblo

Canary Files for Staked TRX ETF, But TRON Faces Bearish Sentiment

Canary Capital has filed with the SEC to list a staked TRX ETF called Canary Staked TRX ETF. The ETF aims to hold spot TRX and stake it to generate added yield, providing investors with regulated access to staking rewards and market exposure. Despite this, Tron is facing strong bearish sentiment. Over the past four months, there has been an increase in ETF submissions to capitalize on a pro-crypto SEC in the United States.

Canary Capital Files for First TRON Spot ETF With Staking Rewards

Canary Capital has submitted a proposal for the first TRON spot ETF that offers investors exposure to TRX’s market performance while also providing staking rewards. The fund designates BitGo Trust Company as the custodian for TRX holdings and appoints Canary Capital as the sponsor. Tron’s founder, Justin Sun, encouraged US investors to act promptly, emphasizing TRX’s potential for long-term growth.