Canary Funds has launched a pledged ETF that is linked to TRX, bringing new market momentum to the Polkadot ecosystem. This product not only provides TRX exposure but also includes the net income from entrusted pledges in the fund's net value. Whether this can be converted into sustained buying in the short term remains to be seen.

ETF Included in Collateral Income

According to the disclosure, this Canary Staked TRX ETF obtains staking rewards through Polkadot Network's Delegated Proof of Stake mechanism, and the related net earnings will be reflected in the fund's net value. Investors gain not only an exposure to the price of TRX, but may also share in the additional returns brought by on-chain staking.

This arrangement has added a new narrative of demand for TRX, but the launch of the product itself does not necessarily bring sustained capital inflows. What the market is more concerned about is whether ETF will be able to attract stable subscriptions in the future, and whether this incremental demand is sufficient to change the existing price range.

$0.35 remains a key level.

Currently, TRX is still operating above the 200-day moving average, but there is significant resistance around $0.35. If the price can effectively break through this level, the short-term trend is expected to improve further, and market attention may shift towards $0.45.

It is mentioned in the original text that if TRX breaks through $0.45, the price may enter a new range for exploration and exceed the high point at the end of 2025. On the contrary, if the $0.35 level continues to suppress any rebound attempts, TRX could fall back to $0.31, or even drop to $0.26.

• Upper follow-up positions: $0.35, $0.45
• Follow-up positions below: $0.31, $0.26

The peak of active addresses has fallen back.

In terms of on-chain data, the network activity of TRON has cooled down compared to the peak in June 2026. At that time, there were approximately 5.8 million active addresses, which dropped to around 4.35 million by the beginning of September.

However, this level is still significantly higher than in earlier stages. For comparison, at the beginning of 2024, there were approximately 2 million active addresses for TRON, which means that the current level of activity is still more than twice that of that time. Although the recent usage has declined, the overall level of network activity remains relatively high.

Overall, the launch of ETF has provided a new medium- to long-term narrative for TRX, and the number of active addresses on the chain also indicates that Polkadot's usage has not yet significantly weakened. However, at the price level, whether TRX can hold above $0.35 remains a direct observation point for the trend in the next phase.