TRON's Network Activity Surges, But ETF Demand Remains Weak
TRON's network activity has been steadily increasing since early September, with a significant milestone of 4.4 million daily active accounts. This long-term trend of growing usage is a positive sign for the platform, as it creates a solid base for transactions, stablecoin transfers, and payment processing. The consistent participation of users is a crucial factor in the platform's success, and it's essential for maintaining growth beyond 4.4 million accounts.
The platform's user activity increased up to 4.84 million users by mid-September but declined to below 4 million users by the end of the month. Despite this minor fluctuation, the overall trend remains positive. TRONSCAN reported over 407 million accounts on its platform with over 15.7 billion cumulative transactions, providing additional support to TRX's utility narrative.
However, the increase in on-chain momentum has yet to translate into institutional demand. The Canary Staked TRX ETF, launched on Cboe under the ticker TRXS, has seen limited inflows. The ETF recorded its only net inflow on September 15th, when investors added $491,060. Since then, every session through October 2nd recorded zero net flows, leaving cumulative inflows unchanged.
Canary Capital founder and CEO Steven McClurg cited TRON's growing footprint throughout Asia and developing regions as the basis for his decision to launch the ETF. He stated that these regions are supported by both their large Tether [USDT] activity and overall wallet base. However, investor interest has not followed suit, and unless inflows accelerate, the listing could raise TRON's visibility without materially increasing TRX demand.
In contrast, Binance data suggests a change in TRX flow into the exchange. Net inflows rose to $79.8 million in a single session on October 1st, the largest daily net inflow since August 20th. However, total cumulative net flow decreased from $37.7 million on October 1st to $35.4 million by October 3rd, and TRX fell 0.79% that day.