Canary Capital’s exchange-traded fund (ETF), which tracks Hedera (HBAR), has continued its listing on NASDAQ with steady trading activity through a challenging year for the digital asset. Despite HBAR losing 52% of its value over the past twelve months and falling 28% year-to-date, the ETF posted a notable 69% cumulative increase in net inflows for the same period.
Institutional Resilience Amid Market Decline
This persistent influx signals strong institutional commitment, even as market sentiment around HBAR remains weak. The ETF’s asset base reached $113 million, reflecting consistent demand. However, net flows have recently stagnated, with three consecutive weeks without any new inflows in the last quarter.
Last week saw net outflows of $558,980, attributed to larger investors reducing their positions amid geopolitical uncertainty. This withdrawal follows a period when the ETF was attracting several hundred thousand dollars per week, suggesting that while institutional participants are not broadly exiting, some have scaled back their exposure.
This slow but steady shift points to large investors methodically adjusting allocations in response to prolonged bearish trends, rather than abandoning their positions entirely.
A segment of institutional participants is treating current HBAR price levels as an opportunity, guided by indicators like the Market Value to Realized Value (MVRV) index. When this metric turns negative, it signals the chance to purchase at what could be considered discounted prices, as earlier investors may have absorbed much of the earlier sell-off.
Mini dictionary: MVRV index — The Market Value to Realized Value (MVRV) index measures the ratio between a cryptocurrency’s total market cap and its realized cap. A negative MVRV can indicate that the asset is potentially undervalued, often prompting accumulation by long-term investors.
HBAR Trading Activity and On-Chain Data
Hedera’s spot trading volume reached $154,901,395 over 24 hours, while derivatives activity was slightly higher at about $180 million for the same period. According to analytics provider SoSoValue, HBAR’s spot market turnover rate stands at 4.45% in that window. Although the long versus short ratio is currently marginally in favor of bullish traders at 1.069, the liquidation data paints a different picture.
Out of $430,500 in liquidated HBAR positions, $422,600 were from long positions, highlighting that short-sellers have recently gained momentum. They appear to be testing support near the $0.08 mark, with HBAR currently trading at $0.079. This price sits below the key SuperTrend resistance value of $0.096 and the $0.086 mid-range Bollinger Band.
| Metric | Value |
|---|---|
| HBAR price (current) | $0.079 |
| SuperTrend level | $0.096 |
| Bollinger Band (mid) | $0.086 |
| Spot trading volume (24h) | $154,901,395 |
| Derivatives volume (24h) | $180,000,000 |
| Long vs Short Ratio | 1.069 |
| Long liquidations (24h) | $422,600 |
| Total liquidations (24h) | $430,500 |
| ETF net inflow (12 months) | +69% |
| ETF asset value | $113 million |
| HBAR yearly change | -52% |
| HBAR YTD change | -28% |
Recovery to higher price levels could depend on renewed whale participation and further institutional buying. The lack of substantial inflows in recent weeks suggests that while conviction in the ETF remains, cautious positioning prevails.
A positive shift in trading activity and whale accumulation may be required if HBAR is to reclaim significant resistance points above $0.08 in the near term.
