Hedera’s much-anticipated debut on the New York Stock Exchange through the Canary Capital Hedera ETF (Ticker: HBR) marked a major milestone for the network, positioning it alongside Bitcoin and Ethereum as one of the few cryptocurrencies with a regulated U.S. spot ETF. Related Reading: Dogecoin Whales Quietly Accumulate Over 320 Million Coins — What’s Coming Next? The listing initially sparked optimism, sending HBAR soaring over 25% to $0.2191 as trading volume jumped 328% to $1.12 billion. However, the momentum proved short-lived. Within 24 hours, HBAR has slid nearly 6%, retreating below $0.20. Analysts attribute the decline to profit-taking and broader market caution, as technical indicators flashed mixed signals. Despite this dip, market observers say institutional participation remains strong, fueled by the ETF’s potential to unlock new liquidity streams through regulated exposure. HBAR's price trends to the upside on the daily chart. Source: HBARUSD on Tradingview Hedera (HBAR) Analysts Split as “Death Cross” Looms Data from TradingView shows that while HBAR broke above key resistance at $0.206 earlier this week, it struggled to sustain momentum. Traders now eye support at $0.194–$0.200 and resistance between $0.210–$0.219. A decisive break above $0.21 could reignite bullish sentiment, but failure to hold current levels may lead to a correction toward $0.183. Some analysts warn that a potential “death cross”, where the 50-day moving average crosses below the 200-day, could confirm ongoing weakness. Historically, such formations have preceded deeper pullbacks. But others argue that the bearish pattern might already be priced in, as MACD and Aroon indicators suggest renewed upward momentum. Technical analyst ZAYK Charts highlighted that HBAR’s current formation mirrors a bullish breakout setup seen earlier in 2025, projecting a possible 50–60% upside if buying pressure returns. Institutional Adoption Narrative Remains Intact Even as prices correct, institutional confidence in Hedera appears to be building. The NYSE’s multi-asset ETF launch, which also included Solana (SOL) and Litecoin (LTC) products, reflects growing regulatory clarity for alternative blockchains. ETF strategist Eric Balchunas noted that the HBR ETF’s first-day volume hit $8 million, a promising start for a non-Bitcoin, non-Ethereum asset. Furthermore, 12 additional ETF filings from issuers like Grayscale, ProShares, and T. Rowe Price are pending, showing broader market interest. Related Reading: Bitcoin Poised For New Run Beyond $125,000? Nasdaq’s Record Recalls 2021 BTC Pattern While short-term volatility persists, analysts maintain that the HBAR ETF listing marks a pivotal moment for Hedera’s long-term narrative, expanding institutional access and setting the stage for potential recovery once macro conditions stabilize. Cover image from ChatGPT, HBARUSD chart from Tradingview
Hedera (HBAR) is gaining momentum as “ETF season” heats up and technical patterns align for a potential upward move. Related Reading: Galaxy’s Digital Bitcoin Sales Continue: 1,190 Bitcoin Moves To Binance After bouncing from a September low near $0.205, HBAR has formed constructive patterns, an Elliott Wave advance, a double bottom, and a 10-week descending wedge, that together suggest a bullish turn. With a final decision on a proposed HBAR spot ETF expected in November, traders are wondering if a clear break above $0.23–$0.24 could lead to the $0.30 level. ETF Season Puts HBAR in the Spotlight Macro tailwinds are strengthening, with the SEC expected to make decisions on numerous crypto ETF applications in October–November. Analysts believe that current listing standards improve the chances of approval. Hedera, which has been under review for a spot ETF since 2024, could benefit from an increase in approvals that would expand U.S. investor access. Additionally, Hedera’s reputation in the enterprise sector, governed by reputable council members and involved in real-world finance initiatives like SWIFT panels and public-sector pilots, supports positive sentiment and keeps HBAR relevant as institutions seek scalable, low-cost settlement solutions. Elliott Wave & Wedge Patterns Flag Upside Continuation On the daily chart, HBAR completed a double bottom at approximately $0.205 (on September 5 and 26), with a neckline around $0.255. Price action has since contracted into a falling wedge lasting over 10 weeks, often a sign of upcoming breakouts, while analysts view the move as Wave 2 within an Elliott Wave cycle that started with a 140% surge from late June to late July. A shift into Wave 3, typically the longest and most impulsive phase, would bring the year-to-date high of about $0.3065 into focus, with potential to challenge last November’s peak of around $0.40 if momentum broadens. Market internals are also improving, with a rising Chaikin Money Flow indicating steady net inflows. A move above $0.242–$0.248 could trigger approximately $32 million in short liquidations, fueling any upside breakout. HBAR's price trends upside on the daily chart. Source: HBARUSD on Tradingview Hedera Key Levels to Watch: $0.22 Support, $0.30 Resistance, and $0.40 Target The near-term structure remains tight. Traders need a clear close above $0.230–$0.242 to confirm a wedge breakout; reaching $0.248 could trigger forced short exits, boosting gains. Breaking above $0.30 would confirm the inverse head-and-shoulders pattern and support the Elliott Wave projection toward $0.3065, then $0.35–$0.40 as market breadth improves. Related Reading: No Accident: The Powerful Factors Behind Bitcoin’s Late-September Rally On the downside, $0.205 serves as the main invalidation level. A daily close below the double-bottom would diminish the bullish momentum and could lead to a drop towards $0.198. Until then, positive ETF headlines and strong flows suggest that the Upside bias in October remains intact. Cover image from ChatGPT, HBARUSD chart on Tradingview
Hedera’s HBAR declined about 1.6% for the day to hover near $0.211, but the overall outlook into “Uptober” remains positive. Related Reading: Dogecoin Breakout Could Happen ‘In A Hurry,’ Analyst Warns Momentum is supported by increasing ETF optimism, with new trust and ETF discussions bringing HBAR into the same conversation as large-cap altcoins, along with renewed engagement from SWIFT. Hedera Makes Global Partnerships Hedera representatives participated with SWIFT, Citi, and Germany’s Bundesbank on a Sibos panel to discuss digital-currency interoperability, highlighting Hedera’s role in real-world finance. Meanwhile, Wyoming’s Frontier Stablecoin pilot, which selects HBAR for low-cost, high-speed settlement, continues to validate Hedera’s enterprise-first approach. Under the Hedera Governing Council, featuring companies like Google and IBM, the network’s value proposition is clear: high throughput, low fees, and energy efficiency through its hashgraph consensus. These fundamentals, combined with institutional filings and improved macro narratives for regulated crypto products, keep HBAR on watch lists despite short-term volatility. Price Action: HBAR Key Levels Into “Uptober” Technically, HBAR’s structure shows a recovery from a two-month low near $0.21, with the price still coiling inside a descending wedge, a setup that often precedes upside moves when broader sentiment turns positive. Immediate support lies between $0.212 and $0.205; losing that range could lead to a slide toward $0.198. On the upside, $0.226–$0.230 remains the first barrier; a clear break above could target $0.235 and the mid-September highs near $0.245, with $0.285 as the October stretch level if buying momentum accelerates. HBAR's price trends sideways on the daily chart. Source: HBARUSD on Tradingview Momentum indicators are mixed but stabilizing. RSI has rebounded from oversold (28) into the mid-40s, while Chaikin Money Flow trends higher, suggesting net inflows. The near-term warns of a narrowing golden cross between the 50- and 200-day EMAs that could turn into a death cross if bulls fail to defend the support levels. For swing traders, the strategy is simple: respect downside risk below $0.205, but look for confirmation above $0.230 to push toward $0.245–$0.285. Enterprise Adoption Gains Momentum, With Risks HBAR’s story is supported by enterprise integrations (payments, identity, and tokenization) and consistently very low fees (
Hedera Hashgraph’s native token, HBAR, has been under intense selling pressure, recording a 12% decline in the past 30 days and another 10% drop over the past week. Related Reading: Average Monthly Returns Says XRP Price Could Fly High In September The bearish streak has shaken investor confidence, with both social and institutional signals pointing toward continued downside risk. Retail and Institutional Sentiment Weakens for Hedera Data from Santiment shows that HBAR’s social dominance, a measure of how frequently it is discussed compared to other cryptocurrencies, has dropped by 55% in the past month, now sitting at just 0.74%. HBAR's price trends to the downside on the daily chart. Source: HBARUSD chart on Tradingview This decline shows waning retail trader interest, a key driver of momentum during previous bullish cycles. Historically, spikes in social dominance have triggered rallies, but fading discussion often results in lower trading volumes and sluggish recovery. Similarly, Hedera’s Smart Money Index (SMI), which tracks institutional activity during the first and last hours of trading, has fallen to 1.108. This suggests that experienced players are reducing exposure, pushing a cautious short term Hedera investment approach Technical Levels Define Bull and Bear Scenarios From a technical perspective, HBAR trades in a fragile zone. Analysts point to $0.1885 as a critical support level. A decisive move below this threshold could confirm further downside, pushing the token deeper into bearish territory. On the flip side, buyers have a clear recovery path if renewed demand emerges. A rebound above $0.2212 would be the first sign of strength, potentially setting up a move toward $0.2636. These levels are now the key battlegrounds for bulls and bears, with traders closely watching price action for confirmation. Meanwhile, trading volumes remain subdued, reflecting weak participation from both retail and institutional investors. While low volume sometimes precedes a consolidation-based breakout, it also increases the risk of prolonged weakness if demand fails. What Could Trigger an HBAR Recovery? Despite the current bearish narrative, catalysts for a recovery remain in play. Broader crypto market rallies, ecosystem adoption, or positive developments in Hedera’s enterprise partnerships could revive sentiment. Whale accumulation trends have also been noted in recent weeks, suggesting that large investors still see long-term potential in the network. Related Reading: Bitcoin Market Base Turns Neutral-Bearish As Flows Stay Weak For now, cautious optimism defines the outlook. Traders are advised to monitor $0.1885 support and $0.2212 resistance closely. A sustained break above the latter could mark the beginning of a relief rally, while a loss of support may extend the ongoing decline. Cover image from ChatGPT, HBARUSD chart from Tradingview
Hedera Hashgraph (HBAR) is showing strong signs of recovery, surging over 20% in the past week as bullish momentum sweeps across the broader crypto market. Despite continued macroeconomic uncertainty and global financial instability, Bitcoin’s recent price jumps have reignited optimism, lifting the entire market with it. HBAR is now trading near a critical resistance level, and traders are watching closely for confirmation of a sustained uptrend. Related Reading: XRP Network Activity Jumps 67% In 24 Hours – Big Move Ahead? Top analyst Carl Runefelt shared insights on X, noting that HBAR has officially broken out of a massive falling wedge pattern—an important bullish technical signal. Falling wedge breakouts often precede sharp upside moves, especially when backed by strong volume and broader market support. As HBAR rides this momentum wave, investors are eyeing higher targets if key resistance levels are flipped into support. With renewed risk appetite across crypto and leading assets like Bitcoin paving the way, HBAR could be positioning itself for a significant continuation rally. However, market conditions remain volatile, and any pullback from broader sentiment shifts could test HBAR’s strength. For now, bulls appear to be in control—and if the breakout holds, HBAR may soon target fresh local highs. HBAR Eyes Continuation Amid Renewed Crypto Momentum Hedera Hashgraph (HBAR) is trading at a crucial turning point as bulls continue to apply pressure following a sharp breakout from a long-standing downtrend. The asset remains over 50% down from its local highs earlier this year, but recent developments suggest that HBAR could be gearing up for a strong reversal, especially as broader market sentiment begins to improve. Global tensions and ongoing trade war fears between the US and China continue to rattle equities and traditional markets. However, crypto assets are beginning to diverge from this trend, with Bitcoin leading a notable move higher that has started to lift altcoins like HBAR. This decoupling could mark the beginning of a fresh rotation into digital assets as investors seek growth outside of conventional markets. Runefelt insights highlight that HBAR has broken out of a massive falling wedge pattern, typically a bullish reversal signal. This breakout confirms the potential for upward momentum, especially if HBAR can continue to push through current supply zones. The next key target sits around the $0.38 level, but for that to materialize, bulls must maintain pressure and sustain higher lows in the coming sessions. If momentum holds and macro fears ease even slightly, HBAR could be poised to surprise the market with a sharp rally. Related Reading: Ethereum Holds Above MVRV Band Low – A Final Dip Before Recovery? Price Tests Key Resistance Amid Bullish Momentum HBAR is currently trading at $0.185 as it tests a critical resistance zone around the 200-day Exponential Moving Average (EMA). Bulls are now aiming to reclaim the $0.20 level, which also aligns closely with the 200-day Simple Moving Average (SMA). A clean breakout above this range would confirm the bullish momentum and potentially open the door for a rally toward higher levels, including the $0.25 mark. After surging more than 20% in the past week, HBAR’s price action is showing early signs of strength, but confirmation is needed. Holding above $0.185 and pushing through the $0.20 barrier would validate the recent breakout from a falling wedge pattern and suggest that bulls are in control. However, the rally remains fragile. If HBAR fails to hold above the $0.175 level, it could face a deeper retracement and return to previous support zones near $0.15. That would invalidate the current breakout structure and increase bearish pressure. Related Reading: Solana Short-Term Indicator Signals Potential Risk – Reversal Or Pause? Traders are now watching closely as HBAR battles with long-term moving averages—levels that often serve as a dividing line between bear and bull phases. The next few sessions will likely determine whether HBAR confirms its uptrend or returns to consolidation. Featured image from Dall-E, chart from TradingView
Applications for new altcoin exchange-traded funds (ETFs) have surged in recent months. Now, on November 13, an Hedera HBAR ETF S-1 form was filed with the US Securities and Exchange Commission (SEC) by crypto asset manager Canary Capital. Hedera HBAR ETF On The Horizon According to the filing with the SEC, the Canary HBAR ETF […]
Decentralized ledger platform Hedera has posted a solid set of third quarter (Q3) results, in line with broader market trends as the digital asset landscape enters a potentially transformative fourth quarter, providing insights into the future of its native token, HBAR. Hedera Achieves Record Revenue In Q3 Despite Price Corrections Delving into the data, Hedera’s circulating market capitalization fell 21% quarter-over-quarter (QoQ) to $2.2 billion in Q3. This decline followed notable performances earlier in the year, dropping HBAR’s market rank from 30th to 46th among all cryptocurrencies. The circulating supply of HBAR also saw a slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price dipped by 20%, decreasing from $0.08 to $0.06, reflecting market volatility and challenges the broader crypto sector faced during the period. Related Reading: Dogecoin Unleashes 157% Weekly Boom As Musk-Trump Buzz Builds Despite the price corrections, Hedera achieved substantial revenue milestones. Revenue generated from network transaction fees reached an all-time high of 27.0 million HBAR in Q3, marking an 85% increase from the previous quarter and surpassing the prior record set in Q4 2023. The dollar-denominated revenue also rose by 10% QoQ to $1.6 million, making the third quarter of 2024 the second-highest quarter for revenue in USD, just shy of its all-time high. Hedera’s Consensus Service was a significant contributor, with revenue increasing by 94% QoQ, accounting for 89% of the network’s total revenue. Total Value Locked In HBAR Rises 9% Staking activity also remained robust, with 22.3 billion HBAR staked, representing 59% of the circulating supply. This high staking percentage is attributed to entities like Hashgraph that actively participate in network consensus while forgoing staking rewards. However, both daily average new accounts and active accounts saw declines of 22% and 23%, respectively, indicating a potential slowdown in user acquisition. On the operational front, daily average contracts increased by 24%, driven by spikes throughout September. In the decentralized finance (DeFi) space, while total value locked (TVL) in USD dropped 18% QoQ, the TVL in HBAR rose 9%, suggesting that the decline in USD value was primarily due to HBAR’s price depreciation rather than capital outflows. As the network prepares for Q4, Messari forecasts an increase in circulating supply by approximately 287 million HBAR, primarily aimed at fostering ecosystem development and supporting open-source projects. HBAR Price Outlook HBAR, currently trading at $0.069, has shown relatively flat price action as it enters the fourth quarter, especially when compared to major digital assets like Bitcoin (BTC) and Ethereum (ETH). Over the past week, Bitcoin has gained 24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a more modest increase of 17%. Despite this recent uptick, HBAR remains 90% below its all-time high of $0.5692 reached in September 2021. This stark contrast becomes more pronounced as Bitcoin achieves new all-time highs for four consecutive days and Ethereum approaches its peak. Related Reading: Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up Looking forward, HBAR faces three critical resistance levels that could hinder its upward momentum as the broader market appears ready to push higher. Having recently broken out of a consolidation phase between $0.047 and $0.062, HBAR’s first major resistance is at $0.078, a level that has acted as a barrier for the past four months. Should the Hedera token overcome this initial hurdle, it will then encounter additional resistance at $0.092 and $0.118, corresponding to the six-month and eight-month resistance levels, respectively. If HBAR can maintain its upward trajectory and break through these key resistance points, it may inch closer to its previous all-time highs, especially if the gains seen in key metrics in Q3 continue and translate into further price action. Featured image from DALL-E, chart from TradingView.com
Hedera, a proof-of-stake platform, wasn’t spared from aggressive bears in early October. After HBAR, its native token, floated higher in September, the rejection of bulls in early October resulted in a double top. Overall, there is optimism that bulls will resume and push prices to new Q4 2024 highs. The pace of this growth will depend on how the market performs and whether fundamental factors around the project will prop up buyers. Will HBAR Rise By At Least 30X? While there are cracks in the HBAR price action, considering the dump from April highs of around $0.18, one analyst on X thinks the token is set for major gains. From his assessment, Hedera can easily score 30X in the coming sessions, mirroring the gains posted by Cardano in the last cycle. Then, ADA soared by over 170X. If HBAR is to follow the same path, the token can easily soar to $6, over 60X from its 2024 highs. Related Reading: Bitcoin’s Non-Realized Profits Hit Negative Levels—What Does This Mean for Investors? Presently, technical candlestick arrangements favor sellers. After the rally to $0.18 in April 2024, HBAR has been falling. To put the numbers into perspective, the token is down 70% but is stable after finding support in August and September. The local resistance is the double top at around September highs. If prices break above this liquidation zone, HBAR bulls could embark on the journey to drive the coin to $0.18. In effect, this will resume the uptrend set in motion in Q1 2024 and early Q2 2024. Hedera Fundamentals Key To Driving Growth There are fundamental factors to consider that may propel HBAR, helping the token shake off weaknesses. Early this month, Canary Capital released the first United States HBAR Trust. Like Grayscale products, including the ETHE and GBTC, the HBAR Trust allows institutional investors to gain exposure to HBAR. Accordingly, this could drive demand, lifting prices. Related Reading: ETH’s Fate Hinges On $2,300: Will Ethereum Soar To $6,000 Or Dive To $1,600? In September, Hedera launched the Asset Tokenization studio. Through this solution, the network would be at the forefront of driving the tokenization of real-world assets (RWAs) while adhering to existing laws. Already, BlackRock, one of the world’s largest asset managers, believes tokenization will rapidly grow in the coming years, managing trillions. According to rwa.xyz, over $12.7 billion worth of RWAs has been tokenized. Additionally, there is interest. In the last month alone, the number of RWA holders rose to 68,929, a 4% increase. Most of these assets are tokenized on Ethereum and Stellar. Feature image from DALLE, chart from TradingView
Crypto analyst Egrag has once again shared a bullish analysis of Hedera Hashgraph (HBAR), predicting a potential 30x increase (2,900%). His latest chart analysis (HBAR/USD) presents a view where HBAR stands in the current market cycle, highlighting key Fibonacci retracement levels and critical price points that could guide HBAR’s movement in the months ahead. At the time of Egrag’s analysis, HBAR is trading at approximately $0.0553, with a recent low marked around $0.0355. This price action in the 2-week chart is taking place along a key upward trendline that has acted as strong support multiple times since 2020. This trendline, which stretches over multiple years, has held HBAR’s price during dips and corrections, except for one instance in December 2019. Egrag also pinpoints several Fibonacci retracement levels, a popular tool used in technical analysis to identify potential support and resistance levels. These levels are derived from the Fibonacci sequence, where each level corresponds to a percentage of the price movement between a significant high and low. Related Reading: Hedera (HBAR) Q2 Update: Market Cap Climbs, Daily Transactions Boom, Revenue Follows In Egrag’s analysis, the chart showcases a range of Fibonacci levels, from Fib 0 at the absolute low of $0.0355 to Fib 1.618 at $3.27. Each of these levels indicates critical price points for HBAR as it moves through this market cycle. And according to Egrag, HBAR’s fundamentals are extremely strong and a 2,900% price surge is the absolute minimum. “Last cycle, ADA skyrocketed a mind-blowing 17,000%! To put this into perspective, with HBAR’s bottom at 0.036c, a 170X move would take it to around $6! That’s why I’m all-in on HBAR! Backed by a powerhouse Governing Council, Hedera is leading the charge with cutting-edge tech for seamless tokenization, delivering top-tier performance, rock-solid security, and unmatched compliance,” Egrag notes. Key Fibonacci Levels For Hedera (HBAR) In This Bull Run Fib 0 – $0.03555: This is the lowest price on the chart, representing the local bottom that HBAR recently established. According to Egrag, this could be seen as the long-term support level and a significant historical low. Fib 0.236 – $0.0687: Currently, HBAR is trading just below this Fibonacci level. It has acted as a resistance point over recent weeks, making it a crucial zone to break through for upward momentum to continue. Historically, breaking through the Fib 0.236 level often signals the start of a bullish move towards higher retracement levels. Fib 0.382 – $0.1034: The next critical resistance level is Fib 0.382. A sustained move above this zone would indicate growing bullish momentum and a possible continuation towards even higher Fibonacci levels. Related Reading: Hedera Developer Community Remained Vibrant In Q2 2024: When Will HBAR Turn The Corner? Fib 0.5 – $0.1438: The Fib 0.5 level is one of the most closely watched by traders. It represents a psychological midpoint between the asset’s high and low. According to Egrag, $0.14-$0.15 is a critical range for HBAR. “Until HBAR breaks above Fib 0.5 (0.14c-0.15c), everything else is just noise—time to accumulate for what’s coming!” Egrag claims. Fib 0.618 – $0.2004: Known as the “Golden Ratio,” Fib 0.618 is one of the most important levels in Fibonacci analysis. A break above this level often signals the end of a retracement and the resumption of the primary trend. For HBAR, a move above $0.20 could generate significant bullish interest, paving the way for a move towards new highs. Fib 0.702 – $0.2529: Egrag marks this level as a significant profit-taking zone. If HBAR reaches $0.25, it would represent a substantial 4.5x increase from current levels. This is a key target for traders looking to lock in profits before the next significant leg up. Fib 0.786 – $0.3199: Fib 0.786 is often the last line of resistance before an asset retests its all-time highs. Egrag identifies this as a crucial level, where many traders may choose to sell some of their holdings. Fib 1.0 – $0.5819: This level represents the previous all-time high (ATH) for HBAR. Breaking past $0.58 would indicate a complete recovery from the previous market cycle and set the stage for a potential new bull run. Egrag marks this as a key psychological level where his profit-taking area begins. Fib 1.272 – $1.2447: This is one of the extended Fibonacci levels, representing a point where HBAR could see additional gains in a bullish market scenario. Egrag mentions that breaking beyond ATH could push HBAR toward this level, making it another key profit-taking zone for long-term holders. Fib 1.414 – $1.8513: If HBAR continues its bullish momentum, it could climb towards this level, representing a major price extension. This level, according to Egrag, is where traders may choose to exit significant portions of their holdings, expecting a slowdown after a major uptrend. Fib 1.618 – $3.27: The ultimate profit-taking zone marked on Egrag’s chart is Fib 1.618, also known as the “Golden Extension.” A move to $3.27 would represent a near 60x move from the current price and a staggering 170x increase from the local bottom of $0.03555. Egrag views this as the maximum upside potential for HBAR in this cycle. Egrag concludes, “With its killer fundamentals and cutting-edge tech, a 30X gain is right on the horizon, making HBAR my top macro play!” At press time, HBAR traded at $0.0504. Featured image created with DALL.E, chart from TradingView.com
In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday. The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol. Not Directly Connected To Hedera? Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization. Related Reading: Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend? Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price. Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy. Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds. It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space. Analyst Clarifies Misconception Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM). Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund. An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product. Related Reading: Analysts Identify Key Scenario For Bitcoin Hitting $100,000 Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes. Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days. CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement. Featured image from Shutterstock, chart from TradingView.com