The filing for a staked TRX ETF by Canary could open the door for continued gains among investors.
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CBOE BZX Exchange filed a 19b-4 proposal with the SEC to list shares of the Canary Staked TRX ETF.
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TRX investor sentiment turned bullish for the year with 115% gains over 1 year as Tether mints 1B USDT.
This year marked an important event for all Tron [TRX] investors, as they were making profits.
According to CryptoQuant, 1-week and 1-month holders saw 10% and 6% gains, respectively, while 3-month holders pocketed 11%.
Those who purchased and held Tron for six months and a year enjoyed increases of 52% and 115%, respectively.
Source: CryptoQuant
At press time, TRX traded at $0.2766, showing continued strength. Those in profit might announce it, encouraging many others to begin investing in TRX.
For the price action of TRX, it was almost touching the resistance zone between $0.2950 and $0.31. The level saw its previous selling activity.
If TRX managed to break $0.30, there would be very little resistance above, and the coin could target as high as $0.38 or even higher.
Source: TradingView
So, if the price was turned back at this wall, it could fall again to support at $0.2450, and more selling could see it decline to $0.2320 or even to $0.2150.
One can infer from the accumulation in volume that bulls were still pushing forward.
If TRX maintained its value above $0.27, this could be viewed as a sign of a potential uptrend continuing. If $0.27 was not held, continued selling might bring about a loss of momentum.
ETF filing could fuel institutional demand
Adding fuel to the fire, the CBOE BZX Exchange has filed a request with the U.S. SEC to list and trade shares of the Canary Staked TRX ETF under Rule 14.11(e)(4), which governs commodity-based trust shares.
It detailed the aim to allow for the listing of an ETF owning staked TRX. This meant the platform would keep the staked Tron tokens for you to allow investors to get involved in staking.
If given the green light, this ETF would give both large and small investors a way to invest in staked TRX. Through traditional finance platforms, this could, in turn, encourage more people to adopt Tron.
Tether’s $1B USDT mint fuels activity
Meanwhile, Tether Treasury created 1 billion USDT on the Tron blockchain following a $500 million transaction in derivatives and the removal of 8,000 BTC from Coinbase.
This showed that institutions were demanding more USDT.
Source: CryptoQuant
Being the issuance chain, TRX also enhanced network usage and on-chain engagement.
A combination of positive price movements and additional Funds Inflow could see TRX go up, mainly if it exceeded $0.30.
As a result, the migration highlighted the rise in demand for stablecoins and machines that increase risk, and Tron benefited by hosting more USDT.
Conclusion
In conclusion, the recent ETF filing and substantial USDT issuance underscore a pivotal moment for TRX investors. With ongoing bullish trends and institutional interest, TRX may well continue its upward trajectory, reinforcing its position in the cryptocurrency market.
