TRX Surges 10% Amid Justin Sun Tweet, US Bitcoin Funds Reverse Trend with Massive Inflows, 21Shares to Launch Polkadot ETF

Crypto prices remain on an unclear trajectory for now, with Bitcoin (BTC) currently trading for US$82,833 (AU$130,209), down 0.4% on the 24-hour timeframe. Most other cryptocurrencies are also slightly in the red, with only Ethereum (ETH) and Tron (TRX) in the green, 1.8% and 10% respectively.

The surge comes as Tron founder Justin Sun made an announcement that TRX will soon be integrated into the Solana ecosystem.

That’s quite the departure from Sun’s past statements, when he wanted to establish Tron as the “Solana killer” and make it one of the three largest cryptos by 2027.

Read also: Australian Trading Platform Swyftx Acquires New Zealand’s Largest Crypto Exchange

ETFs See $274 Million in One-Day Inflows

While other coins didn’t rally as much as Tron, another market indicator is tentatively bullish: US spot exchange-traded funds (ETFs) have started to see encouraging inflows.

It seems that these funds, now a measure of Bitcoin’s success through institutional adoption, have paused their outflows.

As previously reported, the US ETFs saw continued net outflows over the past few weeks, with only a couple of days in the black and most days with hundreds of millions in net outflows.

Monday marked a cautious trend reversal – the first instance of consecutive net inflows for these ETFs since February. The day saw US$274.6 million (AU$431.8 million) in net inflows, while data for Tuesday is not yet fully available.

Ethereum ETFs however, didn’t enjoy the same success, bleeding now for nine consecutive days, losing a combined US$306 million (AU$481.1 million).

But altcoins ETFs remain a relevant topic as a recent survey of 350 institutional investors by Coinbase and EY-Parthenon found. They said a majority of respondents who hold crypto do so via ETFs and many are planning to buy further altcoin ETFs, if they get approval.

Polkadot Gets Second ETF Filing, Analysts Say LTC and DOGE Most Likely Next Approvals

In the meantime, Polkadot (DOT) is the latest in the long list of altcoins to attract asset manager’s attention. NASDAQ has just filed a 19b-4 for a 21Shares Polkadot ETF, following an S-1 filing earlier.

Grayscale also has an application for a Polkadot ETF in the running, and there are several other applications for ETFs – including XRP, Dogecoin, Solana, Avalanche, HBAR, Cardano and Litecoin, to name a few.

Read also: XRP Up 15% as Ripple Expands Reach, Files Crypto Custody Trademark

Bloomberg ETF analyst James Seyffart said in a recent interview that they believe the chances for approval for these funds is above 50%.

He noted that Litecoin is the most likely candidate (based on its status as digital silver and similarity to Bitcoin) and Dogecoin (due to its Proof-of-Work mechanism).