TRON Network Maintains Activity, But Demand for TRX ETF Remains Weak

Since the beginning of September, activity on the TRON network has stabilized, indicating the formation of a long-term growth trend in platform usage rather than short spikes. Currently, there are over 4 million active accounts on the platform, with a monthly average of about 4.41 million. By mid-September, activity had risen to 4.84 million, but by the end of the month, it had dropped below 4 million.

According to TRONSCAN, there are over 407 million accounts and more than 15.7 billion transactions on the platform. If the baseline level of activity continues to grow with the expansion of adoption, it could strengthen the narrative around TRX's utility. However, sustained growth above 4.4 million accounts will determine whether the momentum becomes a broader trend. Despite the launch of the Canary Staked TRX ETF on Cboe under the ticker TRXS, institutional demand remains limited. TRON and Canary recently rang the closing bell at Cboe in honor of the launch, but flows barely reacted. The only net inflow recorded was on September 15 – $491,060. Since then, until October 2, each session showed zero flows. Total inflows remained unchanged, with total net assets at $50.23 million.

Canary Capital founder and CEO Stephen McClurg explained the choice of TRX by the growing presence of TRON in Asia and emerging regions, supported by Tether (USDT) activity and a large wallet base. However, investor interest has not followed this logic. Against the backdrop of weak demand for the ETF, Binance data indicates a change in the flow of TRX to the exchange. Net inflows reached $79.8 million in a single session on October 1 – the largest daily inflow since August 20, when deposits totaled $136.9 million. Meanwhile, the total net flow decreased from $37.7 million on October 1 to $35.4 million by October 3. TRX fell by 0.79% that day. Supply on the exchange increased, but the sustainability of the trend has yet to be confirmed.