- Hbar is confronted with strong bearish sentiments and immerses 9.18% in 24 hours.
- Nasdaq Files 19B-4 form with SEC to state the Hedera Etfs of Grayscale.
In the midst of an increased institutional demand for crypto-assets, stock market-related funds have become very popular. Since the launch of Bitcoin [BTC] ETFs earlier last year, most Altcoins entered the charts.
In recent developments, Hedera [HBAR] has seen great support for the next ETF.
Source: Nasdaq
As such, the Nasdaq Stock Market LLC has submitted a 19B-4 form to the US Securities Exchange Commission (SEC) to mention and trade the Spot Hedera Exchange-Traded Fund of Grayscale.
Usually a 19B-4 application is the second phase before the recognition by the SEC. Once recognized, it is published in the federal register pending the approval of SEC.
The recent submission of Nasdaq on behalf of Grayscale comes shortly after Nasdaq has submitted another Hedera ETF on behalf of Canary Capital.
The second submission positions Hedera in a favorable position among altcoins to get approval based on its network development and the progress of the ecosystem.
If approved, the ETF investors will facilitate to get exposure to HBar without having to possess the crypto directly.
What it would mean for HBB
The approval of Hedera’s ETFs in particular would be a game change, especially because Altcoin’s network continues to struggle.
Insofar as Hedera’s active accounts have fallen by 93% in the last three months from 621K to 39k. This shows a falling network use and acceptance rate, which are central to the continuous growth of the Altcoin.
That is why ETF would give room for other users and investors, although indirectly it will increase the demand rate, which will ultimately affect HBBer’s growth positively.
Source: Hashscan
Although the good news of a potential ETF was expected to positively influence HBar’s market sentiments and price movement, this is not yet.
In fact, from this letter. Hedera traded at $ 0.2272. This meant a decrease of 9.18%in the past day.
The sharp decrease despite these developments suggests that the Altcoin Beerarish is experiencing sentiments, as evidenced by Hedera’s aggregated open interest, which fell from $ 145 million to $ 103 million in the past day.
Source: Coinalyze
Investors therefore actively seemed to close their positions to lock profit or other are strongly liquidated as the market went back. Such behavior of investors reflects a lack of trust because they expect prices to fall further.
The prevailing market conditions suggest that investors see an ETF as a long -term bet. That is why these ETFs must first receive sec -approval to have a real impact on Hedera’s price movements.
The markets remain in the short term.
If these conditions continue to exist, HBar could fall to $ 0.21. However, if investors consider the submission as a bullish signal and turn to accumulate, Hedera would reclaim $ 0.25.
