Hedera HBAR is up today - here is why

Canary HBAR ETF gets listed on Nasdaq

Canary Capital’s spot ETF for Hedera starts trading on NASDAQ today, October 28, 2025, offering direct exposure to HBAR with custody by BitGo and Coinbase and pricing from CoinDesk Indices. This launch follows SEC guidance from October 9 that allows faster S-1 approval without amendments, reducing delays. Canary’s Litecoin (LTC) ETF also debuts today, while Bitwise’s $SOL ETF and Grayscale’s Solana Trust ($GSOL) conversion follow on October 29 under the same automatic S-1 rules during the U.S. government shutdown. The Hedera ETF has generated strong market interest - a key reason why is Hedera is going up today. HBAR’s ETF is the first institutional-grade Hedera product approved by the SEC in the U.S., which adds to its upward momentum.

The launch of the HBAR ETF and growing institutional interest in the coin have boosted market sentiment and trading activity. Open interest in HBAR has surged by 60% over the past 24 hours, reaching over $105.7 million at the time of writing, according to Coinalyze. Strong network activity, combined with the first-ever institutional-grade Hedera product, is attracting both retail and professional investors, which helps explain why is Hedera going up today.

According to DeFiLlama, the total value locked (TVL) in Hedera is $97.5 million, up 4% in the last 24 hours and 7.5% over the past week. Hedera ranks as the 48th-largest blockchain by this metric. Popular decentralized applications on the network include SaucerSwap, Bonzo Finance, and Headstarter. Meanwhile, Ethereum, the dominant blockchain with $88.5 billion TVL, is down 1% in the last day. All these factors help explain why did Hedera go up, although a possible pullback after the rally cannot be ruled out.