HBAR Token Rallies 8% Ahead Of Nasdaq ETF Debut — Anthony Scaramucci Describes It As The 'Sound Of Inevitability'

Hedera (CRYPTO: HBAR) is trading higher late Monday ahead of the launch of its spot exchange-traded fund on Wall Street.

HBAR Bucks Market Decline

The $8 billion-valued cryptocurrency rallied over 8% in the last 24 hours, with trading volume more than doubling to $421 million.

HBAR resisted the market-wide correction, which saw heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) retrace 0.80% and 2.56%, respectively.

The rally piqued the interest of derivatives traders, with open interest in HBAR futures surging 29% over the last 24 hours, according to Coinglass. 

Additionally, more than 55% of Binance traders with open HBAR positions were betting on its price rise, according to the Long/Short ratio.

See Also: Hedera Hashgraph (HBAR) Price Prediction: 2025, 2026, 2030

ETF Excitement Powers Rally

The sharp spike comes after the Nasdaq Stock Market posted the Canary HBAR ETF listing circular. The fund, which provides exposure to the HBAR token, will begin trading on Tuesday under the ticker HBR.

Canary Capital Group LLC is the ETF's sponsor, with BitGo and Coinbase serving as the custodians.

Reacting to the development, famed cryptocurrency advocate and SkyBridge Capital CEO Anthony Scaramucci said, "It’s the sound of inevitability."

HBAR is the native cryptocurrency of Hedera Hashgraph, a public distributed ledger, which, unlike blockchains, uses a different technology to achieve consensus. Read more about it here.

Price Action: At the time of writing, HBAR was trading at $0.1974, up 8.63% over the last 24 hours, according to Benzinga Pro.

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Photo Courtesy: Al Teich On Shutterstock